Virgin Money is set to introduce reductions across selected fixed mortgage rates, effective from tomorrow, Thursday August 29.
The adjustments cover a range of loan-to-value (LTV) ratios and product categories, providing potential savings for new homebuyers and those looking to remortgage.
For purchases with a £995 fee and a £300 cashback, the 85% LTV 2-year fixed rate will decrease by 0.20% to 4.74%, and the 90% LTV 2-year fixed rate will drop by 0.08% to 5.14%.
The 85% LTV 5-year fixed rate will see a reduction of 0.20%, bringing it to 4.34%, while the 90% LTV 5-year fixed rate will be reduced by 0.17% to 4.59%.
In the purchase fee-saver category with a £300 cashback, the 85% LTV 2-year fixed rate will decrease by 0.14% to 5.05%, and the 90% LTV 2-year fixed rate will fall by 0.08% to 5.39%.
The 95% LTV 2-year fixed rate will be reduced by 0.11%, bringing it to 5.68%.
In addition, the lender’s 5-year fixed rates in this category will also see reductions, with the 85% LTV rate dropping by 0.15% to 4.54%, the 90% LTV rate by 0.28% to 4.72%, and the 95% LTV rate by 0.18% to 5.14%.
For exclusive purchase options with a £300 cashback, the 80% LTV 2-year fixed rate with an £895 fee will decrease by 0.08% to 4.63%, while the 5-year fixed rate will drop by 0.10% to 4.22%.
Fee-saver options in this category will see a 0.05% reduction in the 2-year fixed rate to 4.88% and a 0.12% reduction in the 5-year fixed rate to 4.32%.
Additionally, the 90% LTV five-year Professional fee-saver rate will be reduced by 0.28% to 4.71%.
Virgin Money is also adjusting rates in several other categories. Selected Shared Ownership rates will be reduced by up to 0.24%, with rates starting from 4.29%.
Exclusive remortgage rates at 80% LTV will see reductions of up to 0.09%, beginning at 4.52%.
What’s more, Own New rates will decrease by up to 0.20%, starting from 0.45%, while Retrofit Boost rates will drop by up to 0.20%, with a starting rate of 4.29%.
Buy-to-let rates with a £2,195 fee will be reduced by up to 0.14%, starting at 4.17%, while BTL rates with a 1% fee will see reductions of up to 0.07%, with rates starting at 4.34%.
BTL rates with a 3% fee will be reduced by up to 0.02%, starting at 3.88% and rates with a £995 fee will see reductions of up to 0.12%, with rates starting at 4.44%.
Furthermore, selected 65% and 75% LTV product transfer rates will be reduced by up to 0.15%, with rates from 3.94%.
Lastly, selected BTL product transfer rates will be reduced by up to 0.12%, with a starting rate of 4.15%.
