Virgin Money is set to introduce a number of rate reductions across its range of mortgage products, effective from tomorrow (Thursday 13th February).
For those purchasing a home, Virgin Money will be reducing rates for 90% and 95% loan-to-value (LTV) Fix and Switch products by up to 0.07%, with new rates starting at 5.32%.
Customers opting for a 90% LTV 2-year or 5-year fixed-rate mortgage will see reductions of up to 0.07%, with rates now beginning at 4.88%.
Similarly, for borrowers with a 95% LTV, the 2- and 5-year fixed-rate options will also see a decrease of up to 0.07%, now starting at 5.24%.
Additionally, 90% LTV Own New rates will be reduced by up to 0.06%, with rates beginning at 2.40%.
Buy-to-let (BTL) investors will also benefit from these changes.
Fix and Switch rates will be reduced by up to 0.10%, now starting at 5.10%.
Selected 2- and 5-year fixed-rate products with a 1% fee will also drop by up to 0.10%, with new rates starting at 4.39%.
Those opting for a 2-year fixed-rate mortgage with a £995 fee will see reductions of up to 0.10%, with rates now starting at 4.79%.
The 75% LTV 2-year fixed-rate fee-saver will experience a 0.05% reduction, bringing it down to 5.23%.
For existing customers looking to transfer their mortgage, Virgin Money is lowering selected 65% LTV 2- and 3-year fixed rates by up to 0.06%, now starting at 4.26%.
Additionally, the 65% LTV 5-year fixed rate will see a reduction of up to 0.10%, with new rates starting at 4.19%.
Selected BTL 2- and 3-year fixed-rate mortgages will also be reduced by up to 0.10%, starting at 4.30%.
All end dates for these products will be adjusted to the 1st of May of the relevant year.
Alongside these reductions, Virgin Money will be withdrawing two exclusive buy-to-let products at 8pm today.
These include the 60% LTV Fix and Switch mortgage with a £495 fee and the 75% LTV Fix and Switch mortgage with a £495 fee.
