Virgin Money has announced a range of mortgage rate reductions and new products to go live on Tuesday 23rd September, aimed at supporting homebuyers and remortgagers with more competitive options.
Among the headline changes, two new 75% loan-to-value (LTV) exclusive purchase products will launch, including a 2-year fixed rate at 3.99% with a £895 fee and a 2-year fee-saver at 4.24%.
In addition, 5-year fixed rates at 75% LTV will fall by 0.16%, starting from 4.06%, while 2-year fixed rates at 80% LTV will drop by up to 0.08%, starting from 4.07%.
Further cuts will also be seen across the higher LTV brackets, with the 90% LTV 2-year fee-saver trimmed by 0.16% to 4.52%, and the 90% LTV 5-year fee-saver reduced to 4.52%.
The main purchase range will also become cheaper.
Virgin Money will reduce its 95% LTV 2-year fee-saver by 0.10% to 4.99%, while the five-year equivalent will drop 0.10% to 4.89%.
Remortgagers are also set to benefit as Virgin’s 2-year fixed rates at 65% LTV will be cut by up to 0.34%, starting from 3.99%, and 5-year fixed rates at 65% LTV will decrease by up to 0.12%, beginning at 4.04%.
2- and 5-year deals at 75% LTV will also see reductions, starting from 4.04% and 4.08% respectively.
Virgin Money’s buy-to-let range is being sharpened too. The 60% LTV 2-year fixed rate with a 3% fee will be lowered by 0.15% to 2.83%, and the 75% LTV 2-year fixed rate with a 3% fee will be reduced by 0.10% to 3.04%.
As part of the update, the lender confirmed that its 95% LTV 2-year fee-saver at 4.99% will be withdrawn at 8pm today, Monday 22nd September.
Applications for this product must be submitted by that deadline.
The full, updated product guide and further details will be available on Virgin Money’s website from 9am tomorrow.
