Virgin Money has announced a series of mortgage rate reductions set to take effect from tomorrow, Thursday 6th March.
These reductions will apply across a range of mortgage products, including purchase, remortgage, and buy-to-let (BTL) options, offering borrowers more competitive rates.
For exclusive purchase deals, Virgin Money will reduce its 80% loan-to-value (LTV) 2- and 5-year fixed rates by up to 0.09%, bringing the starting rate to 4.37%.
Its 80% LTV Fix and Switch Fixed Rate will also be cut by 0.07%, setting the new rate at 4.92%.
High-value loans above £1m with a 75% LTV will see reductions of up to 0.10%, now starting from 4.54%.
The Retrofit Boost 5-year fixed rate will be lowered by 0.10% to start at 4.87%, while the Own New 2- and 5-year fixed rates will see cuts of up to 0.10%, with rates beginning at 4.50%.
For standard purchase mortgages, 2-year fixed rates will be reduced by up to 0.10%, starting from 4.47%, and 5-year fixed rates will see a similar reduction, with a new starting rate of 4.34%.
Customers opting for a 10-year fixed rate will benefit from a substantial reduction of up to 0.68%, lowering the starting rate to 4.89%.
Selected Shared Ownership fixed rates will also be reduced by up to 0.15%, now beginning at 4.44%.
Additionally, green mortgage 2- and 5-year fixed rates will decrease by up to 0.14%, with rates starting at 4.30%.
Exclusive remortgage deals will also see adjustments, with 75% LTV £1m+ 2- and 5-year fixed rates reduced by up to 0.15%, starting from 4.54%.
The Retrofit Boost 5-year fixed rate will also be lowered by 0.10%, with a new starting rate of 4.87%.
For standard remortgage products, 2-year fixed rates will be reduced by up to 0.10%, now starting at 4.43%, while 5-year fixed rates will see a similar reduction, beginning at 4.34%.
The 75% LTV 10-year fixed rate with a £995 fee will also decrease by 0.10%, bringing the new rate to 4.89%.
In its buy-to-let range, Virgin Money will be adjusting its exclusive BTL rates, with 60% and 75% LTV 2-year fixed rates with a 1% fee reduced by up to 0.05%, starting from 4.40%.
Meanwhile, the 60% and 75% LTV 2-year fixed rates with a 3% fee will be cut by up to 0.10%, with the new rates starting at 3.59%.
For customers seeking a product transfer, Virgin Money will also lower selected 2-year fixed rates by up to 0.10%, starting at 4.15%.
Selected 3-year fixed rates will also decrease by up to 0.10%, beginning at 4.20%, while selected 5-year fixed rates will be reduced by up to 0.10%, starting at 4.07%.
Additionally, the 90% LTV 10-year fixed rate fee-saver product will be reduced by 0.10%, setting the new rate at 4.99%.
