Virgin Money has made a series of mortgage rate reductions, effective from today (Thursday 12th December).
These changes apply across a variety of products, including fixed-rate purchase mortgages with fees, fee-saver options, and specialised offerings such as Shared Ownership and Retrofit Boost products.
For purchase mortgages with a £995 fee, notable rate reductions include a 0.16% drop in the 65% loan-to-value (LTV) 2-year fixed rate, bringing it to 4.37%, and a 0.22% reduction in the 85% LTV 2-year fixed rate, now at 4.75%.
Similar adjustments have been made to 5-year fixed-rate products, with the 85% LTV rate reduced by 0.21%, landing at 4.43%.
Fee-saver options have also seen reductions, with the 65% LTV 2-year fixed rate reduced by 0.15% to 4.63%, and the 85% LTV 2-year fixed rate down by 0.19% to 5.01%.
For longer-term stability, 5-year fixed rates have also dropped, including a 0.05% reduction for 95% LTV, which now stands at 5.19%.
Virgin Money also made changes to other specialised products.
Selected Shared Ownership fixed rates will be reduced by up to 0.10%, starting at 4.24%.
The Retrofit Boost 5-year fixed rates, aimed at properties with energy-efficient upgrades, will be cut by up to 0.21%, starting from 4.59%.
Additionally, ‘Own New’ fixed rates will see reductions of up to 0.22%.
Virgin Money also extended the deadlines for its Green Reward initiative, an incentive program designed to encourage green home improvements.
The initiative offers £250 cashback for customers who spend at least £2,500 on eligible upgrades that enhance energy efficiency or reduce carbon footprints.
Customers now have until 30th June 2025 to register and until 31st December 2025 to submit claims, providing additional time for participation.
For full details, the lender urged customers and brokers to consult Virgin Money’s Product Guide or reach out to the mortgage service team.
