Virgin Money is set to introduce a series of adjustments to its mortgage rates, which will take effect from tomorrow, Wednesday 9th October.
These changes affect both buy-to-let (BTL) mortgages and residential mortgage products, including exclusive rates for remortgage and purchase customers.
For BTL mortgages, Virgin Money is introducing new 60% and 75% loan-to-value (LTV) 2-year fixed rates.
The new 60% LTV option comes with a £2,195 fee and offers a rate of 4.19%, while the 75% LTV option with the same fee is set at 4.39%.
Additionally, the existing 60% LTV 2-year fixed rate with a 3% fee will be reduced by 0.25%, bringing the rate down to 3.57%.
Similarly, the 75% LTV 2-year fixed rate with a 3% fee will be lowered by 0.24%, to 3.72%, while the 75% LTV 5-year fixed rate with a 3% fee will see a smaller reduction of 0.05%, to 3.78%.
Rates for 60% and 75% LTV 2-year fixed rate products with a 1% fee will also be cut by 0.21% and 0.06% respectively, bringing them down to 4.34% and 4.54%.
Virgin Money is also adjusting its Fix and Switch rates.
Products with a £495 fee will be reduced by up to 0.15%, with rates starting from 4.64%.
The fee-saver option will see a decrease of up to 0.04%, with rates starting from 4.90%.
In the exclusive remortgage category, the 75% LTV Fix and Switch fee-saver rate will drop by 0.10%, to 4.65%.
The 85% LTV Fix and Switch fee-saver will also be lowered by 0.10%, to 5.24%.
For exclusive purchase products, the 90% LTV Fix and Switch fee-saver will see the same 0.10% reduction, bringing the rate to 5.24%.
Additionally, BTL fixed rates with a £995 fee will be reduced by up to 0.20%, starting from 4.19%.
The 75% LTV 2-Year Fixed Rate fee-saver will drop by 0.02%, to 5.03%.
On the residential side, the 90% LTV Purchase Fixed Rate fee-saver will be reduced by 0.10%, to 5.19%.
Remortgage fixed rates for 85% and 90% LTV products will be cut by up to 0.20%, with rates starting from 4.44%.
Further adjustments will affect product transfer rates, with reductions of up to 0.26% for 80%, 85%, and 90% LTV products, starting from 4.41%.
Select BTL product transfer rates will also be reduced by up to 0.15%, with rates starting from 3.89%.
