Virgin Money is set to introduce a series of rate reductions across several of its mortgage products, effective from Thursday, October 3.
These adjustments will affect both purchase and remortgage products, providing prospective homebuyers and those looking to remortgage with more competitive options.
For purchase products, the changes include a reduction of up to 0.14% on Virgin Money’s exclusive 80% loan-to-value (LTV) fee-saver mortgages, with new rates starting from 4.26%.
Similarly, the 85% LTV core 2- and 5-year rates will see reductions of up to 0.25%, bringing the starting rate down to 4.19%.
The 90% LTV core 2- and 5-year rates will be cut by up to 0.10%, starting from 4.49%.
There will also a slight decrease of 0.05% for the 95% LTV core 2-year rate, now at 5.53%.
Selected fix and switch rates will drop by up to 0.23%, with starting rates beginning at 4.70%, while selected shared ownership rates will be reduced by up to 0.12%, with new rates from 4.12%.
Furthermore, the 85% and 90% LTV Own New rates will be lowered by up to 0.17%, starting from a competitive 1.66%.
Additionally, the 85% LTV 5-year fixed-rate Retrofit Boost product will see a 0.10% reduction, bringing the rate to 4.44%.
On the remortgage side, Virgin Money is cutting its fix and switch rates by up to 0.10%, with the lowest rate now starting at 4.75%.
The exclusive 80% LTV remortgage rates will also see reductions of up to 0.09%, starting from 4.41%.
Like the purchase product, the 85% LTV 5-year fixed-rate Retrofit Boost for remortgages will decrease by 0.10%, to 4.44%.
