Virgin Money has confirmed a series of rate reductions across its residential and buy-to-let mortgage ranges, effective from tomorrow (Thursday, 8th May).
The changes apply to selected purchase, shared ownership, BTL, and product transfer products.
In the residential purchase range, exclusive 80% LTV 2 and 5-year fixed rates will be reduced by up to 0.06%, with rates starting from 4.19%.
First-time buyers will benefit from deeper reductions at higher LTVs, with the 95% LTV 2-year fixed fee-saver cut by 0.15% to 5.09%, and the equivalent 5-year fixed reduced by 0.09% to 4.94%. Shared ownership rates will also fall by up to 0.20%, with new pricing starting at 4.24%.
Buy-to-let products see more significant adjustments. Selected 2 and 5-year fixed rates with a 3% fee will drop by up to 0.32%, starting from 3.09%.
Rates with a 1% fee will be reduced by up to 0.07%, starting from 4.05%, while 2 and 5-year fixed rates with a £2,195 fee will fall by up to 0.19%, starting from 4.02%.
Other reductions include a 0.05% cut to the 2-year fixed with a £995 fee, and a 0.05% cut to the 75% LTV 2-year fixed fee-saver, now starting from 4.78%.
On product transfers, selected 65% and 75% LTV 2, 3 and 5-year fixed rates will be reduced by up to 0.15%, and selected 2 and 3-year BTL rates will fall by 0.05%.
Virgin Money also confirmed that, as of today (Wednesday, 7th May), its additional borrowing pricing for existing customers has increased to a variable rate of 5.74% for residential and 6.24% for BTL.
The lender noted that the additional borrowing proposition includes no ERCs or product fees, giving existing customers added flexibility to meet changing needs.
