Virgin Money will roll out new exclusive mortgage deals and implement rate reductions across its wider product suite from tomorrow (16th May).
The lender is introducing two new exclusive remortgage products at 75% loan-to-value (LTV): a 2-year fixed rate at 4.18% and a 5-year fixed rate at 4.09%, both with a £995 fee.
For purchase customers, new exclusives at 85% LTV will launch at 4.19% for a 2-year fix and 4.24% for a 5-year fix, again with a £995 fee.
In addition to the exclusive launches, Virgin Money is reducing selected purchase and remortgage rates. Selected 2- and 5-year fixed rates with a £995 fee will be cut by up to 0.15%, while fee-saver equivalents will fall by up to 0.25%.
The 95% LTV Shared Ownership 2-year fee-saver will be reduced by 0.07%, and selected Own New and Retrofit Boost 5-year fixes will also see reductions of up to 0.15%.
For remortgages, selected 2- and 5-year fixed rates with a £995 fee will be cut by up to 0.16%, with fee-savers dropping by up to 0.13%. Retrofit Boost 5-year fixes with a £995 fee are also being cut by up to 0.15%.
Product transfer customers will benefit from reductions as well. The 65% LTV 2-year fix with a £1,995 fee will fall by 0.10% to 3.74%. Fixed rates at 80% and 85% LTV across 2-, 3- and 5-year terms with a £995 fee will all be reduced by 0.10%, bringing the 5-year fix to 4.29%.
The lender is also withdrawing several high-value products from its portfolio. These include the 75% LTV £1m+ 2- and 5-year fixes for both purchase and remortgage, previously priced between 4.47% and 4.67%.
