Virgin Money has announced upcoming changes to its mortgage product range, including new fee-saver options and slight rate increases for select fixed rate products.
The changes will take effect from tomorrow (Tuesday 7th January), offering borrowers more options across shared ownership and purchase categories.
The lender will introduce three new fee-saver products under its exclusive Fix and Switch Shared Ownership offering, which include an 85% LTV fixed rate at 4.87%, a 90% LTV fixed rate at 5.19%, and a 95% LTV fixed rate at 5.53%. These products aim to cater to first-time buyers and shared ownership customers seeking affordable financing options with no fees.
Meanwhile, Virgin Money will increase the rate on its 85% LTV 5-year fixed purchase product by 0.03%, bringing it to 4.46%.
In addition to the new launches and rate adjustments, the lender will withdraw several existing products from its portfolio, including offerings under the exclusive Professional, Retrofit Boost, and Product Transfer categories.
The affected products include a 90% LTV 5-year fixed rate fee-saver at 4.85%, an 85% LTV 7-year fixed rate with a £995 fee at 5.74%, and a 75% LTV BTL 10-year fixed rate with a £995 fee at 6.29%, among others.
Applications for the products being withdrawn must be submitted by 8pm today to be processed under the current terms.
