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Virgin Money reduces mortgage rates

  • 2 year fixed rates available from 3.55% for both purchase and remortgage customers
  • 5 year fixed rates available from 4.09%
  • Fixed rate Buy to Let mortgages available from 3.85%

Virgin Money has reduced the interest rates on a number of its fixed rate mortgage products by up to 0.20%. The new range, which features residential and Buy to Let products for both purchase and remortgage customers, is available from Tuesday, 29 May 2012.

Virgin Money also continues to offer its popular cashback incentive on a number of purchase products. For customers remortgaging from another lender, free standard legal services and a free basic valuation are also available.

The Buy to Let range also includes a cashback incentive of £500 on completion, in order to help customers cover the costs associated with enhancing their portfolio.

The new mortgage products are offered by Northern Rock plc and are available through our registered mortgage intermediaries, our Northern Rock branch network and online. Details of the full range are available to direct customers at www.northernrock.co.uk/mortgages/ and to brokers at www.northernrock.co.uk/intermediaries/.

Media Contacts:

Press Office
Tel: 0191 279 4676
email: press.office@virginmoney.co.uk

Northern Rock plc Registered in England and Wales under company number 6952311.
Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL (Main Switchboard 0845 600 8401). Authorised and regulated by the Financial Services Authority.



PRODUCT DETAILS

Residential Everyday fixed rate mortgages

 

Purchase

Remortgage

Fixed term

Max LTV

£995
Product Fee

Fee Saver
Option

£995
Product Fee

Fee Saver
Option

2 years

70%

3.55%

3.88%

3.55%

3.88%

75%

3.79%

4.18%

3.79%

4.18%

80%

4.19%1

4.58%

4.19%

4.58%

85%

4.79%1

5.08%

4.79%

5.08%

90%

5.95%1

6.19%

n/a

n/a

 

 

 

 

 

3 years

70%

3.85%

3.98%

3.85%

3.98%

75%

4.15%

4.48%

4.15%

4.48%

80%

4.38%1

4.68%

4.38%

4.68%

85%

4.89%1

5.18%

4.89%

5.18%

90%

6.19%1

6.29%

n/a

n/a

 

 

 

 

 

5 years

70%

4.09%

4.28%

4.09%

4.28%

75%

4.29%

4.68%

4.29%

4.68%

80%

4.58%1

4.99%

4.58%

4.99%

85%

4.99%1

5.28%

4.99%

5.28%

90%

6.29%1

6.39%

n/a

n/a


1 – includes cashback of £300


Buy to Let Everyday fixed rate mortgages – all including cashback of £500

Fixed term

Max LTV

£1,995 fee

£995 fee

2.5% fee

2.0% fee

Fee Saver Option

2 years

60%

4.05%

4.45%

3.85%

4.39%

5.35%

70%

4.15%

4.69%

4.28%

4.65%

5.75%

 

 

 

 

 

3 years

60%

4.89%

5.29%

4.49%

4.85%

5.79%

70%

5.09%

5.49%

4.65%

4.99%

5.89%

 

 

 

 

 

5 years

60%

5.35%

5.79%

4.99%

5.20%

6.19%

70%

5.45%

5.85%

5.15%

5.40%

6.29%



Early Repayment Charges
Following the fixed rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.

On Everyday products, the Early Repayment Charge will apply to the outstanding secured loan balance at the time of redemption. Any overpayments in excess of the 10% annual allowance will also be subject to the Early Repayment Charge.

Fee Saver Option
Northern Rock’s Fee Saver Option is ideal for customers looking to keep their fee costs as low as possible. This option is available across most of Northern Rock’s range of mortgage products, enabling customers to choose between lower rates on a range of Product Fees, or paying a slightly higher rate without a Product Fee. (Where fees are added to the loan they will incur interest for the term of the loan.)

Applications
Products are available through all Northern Rock branches, through registered mortgage intermediaries or via the UK based call centre on 0800 0285 277. Lines are open from 8am to 8pm Monday to Friday, 9am to 3pm Saturday, and 10am to 3pm on Sunday.

NOTES TO EDITORS

About Virgin Money

  • Virgin Money acquired Northern Rock plc from Her Majesty’s Treasury on 1 January 2012. The acquisition included:
    • 75 Northern Rock branches
    • One million customers
    • c.£14bn mortgage book
    • c.£16bn retail deposit book
    • c.2,100 employees
  • Combined with Virgin Money’s existing business of three million customers, the enlarged Group has over four million customers.
  • The combined business operates under the Virgin Money brand.
  • Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
  • Virgin is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.

Northern Rock plc

  • On 1 January 2012, Northern Rock was acquired by Virgin Money.
  • Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings accounts to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.