Virgin Money is launching a range of new mortgage products on Thursday, 30th January, including remortgage, green purchase, and retrofit boost options. The lender is also making changes to selected rates across its range of fixed-rate mortgages.
The new Fix and Switch remortgage products come with free valuation and free legals, including a 75% loan-to-value (LTV) fixed rate at 4.89% and an 85% LTV fixed rate at 5.24%.
Green Purchase mortgages, which offer free valuation and £200 cashback, will include a 75% LTV two-year fixed rate at 4.88% and a 90% LTV five-year fixed rate at 4.92%.
Virgin Money is also introducing Retrofit Boost deals, providing cashback incentives for customers making energy efficiency improvements. These include a 75% LTV five-year fixed rate with a £995 fee and £5,000 cashback at 4.97%, and an 85% LTV equivalent at 5.04%. Higher cashback offers of £10,000 are also available, with rates starting at 5.49%.
For buy-to-let borrowers, a 75% LTV five-year fixed rate under the Retrofit Boost scheme will be available with a £1,995 fee and £5,000 cashback at 5.07%.
In addition to the new products, Virgin Money is adjusting several rates from 8pm today. Selected 80% LTV exclusive fixed rates will reduce by up to 0.07%, while some 90% LTV fixed rates will increase by up to 0.06%. Shared ownership fixed rates will see increases of up to 0.10%, and 90% LTV Own New two-year fixed rates will rise by 0.04%. Green fixed rates with a £995 fee will now include a free valuation and £200 cashback.
Product transfer rates are also being adjusted, with some 75% LTV rates reducing by up to 0.09%.
The lender is also withdrawing several existing products, including its 90% LTV Fix and Switch Purchase with a £1,495 fee at 5.08% and its 75% LTV Fix and Switch Remortgage at 4.94%. Retrofit Boost products offering £3,000 cashback will also be withdrawn.
