Virgin Money has announced the launch of new mortgage products and adjustments to existing ones, in an update shared with brokers today. These changes are set to take effect from Tuesday, 11th July.
Among the new introductions are two exclusive mortgage products. For remortgaging, a 70% loan-to-value (LTV) 2-year Freedom to Fix Tracker will be available, carrying a £995 fee and starting at an interest rate of 5.29%. In addition, for both purchases and remortgages, a buy-to-let (BTL) 75% LTV 5-year fixed rate product is being introduced, with a £2,195 fee and starting from 5.83%.
In addition to the introduction of these new products, Virgin Money will also be implementing adjustments to their existing offerings at 8pm today. These changes will see a 0.02% reduction in the 65% LTV 2-year Freedom to Fix tracker, bringing the starting rate to 5.23%.
However, a range of products will see their rates increase: 2-year fixed rates will rise by 0.35%, now starting from 6.26%, while 3-year fixed rates will also increase by 0.35%, starting from 6.11%. Furthermore, 5-year fixed rates will increase by up to 0.30%, with rates commencing at 5.53%. BTL fixed rates will increase by 0.35%, with rates starting from 5.36%.
Finally, Virgin Money is also making changes to its product transfer offerings, with fixed rates set to rise by 0.40%, starting at 5.18%, and BTL fixed rates to increase by up to 0.40%, starting from 5.53%.
