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Virgin Money reduces residential and buy to let mortgage rates

  • Residential fixed rates will be available from 2.68%
  • Residential tracker rates will be available from 2.88%
  • Buy to let fixed rates reduced by up to 0.36%, with rates starting from 3.29%

Virgin Money is reducing selected interest rates on its residential and buy to let mortgage range. The updated range will be available from Friday 19 October 2012.

Selected residential 2 year fixed rates have been reduced by 0.11%, with loans up to 60% LTV available at 2.68%, and up to 70% LTV at 2.88% (both with a £995 product fee). The two year tracker with a £995 product fee is also being reduced by 0.11%, to 2.88%.

For customers looking at a longer term fixed rate, a five year fix up to 70% LTV is reduced by 0.10% to 3.39%, with a £995 product fee.

A number of reductions are also being made to Virgin Money’s Buy to Let range including:

  • A two year fixed rate, up to 60% LTV, with a 2.5% product fee is reduced by 0.20% to 3.29%
  • A two year fixed rate, up to 60% LTV, with a £1,995 product fee is reduced by 0.10% to 3.49%, while the equivalent product without a product fee will reduce by 0.36% to 4.99%.
  • A two year fixed rate, up to 70% LTV, with a £1,995 product fee is reduce by 0.14% to 3.85%, and the equivalent product without a product fee will reduce by 0.20% to 5.55%.

The limited offer of £750 cashback across all Virgin Money buy to let products remains in place following this product update.

Anthony Mooney, Director of Mortgages and Savings at Virgin Money said “Following the completion of the rebrand and in our first week of trading as Virgin Money plc, we are delighted to announce these rate reductions across our mortgage range. Since the start of the year customers have opened over a million new accounts with Virgin Money, across our full range of products. We remain absolutely focused on providing straightforward, transparent and good value products and prioritising customer service to continue to grow the business.”

Since acquiring Northern Rock at the start of 2012, Virgin Money has opened over one million new accounts for customers across the combined business, spanning savings, mortgages, credit cards, insurance and investment products.

ENDS


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Tel: 0191 279 4676
email: press.office@virginmoney.com


PRODUCT DETAILS

Residential Everyday fixed rate mortgages

  

Purchase

Remortgage

Fixed term

Max LTV£995 Product FeeFee Saver Option£995 Product FeeFee Saver Option

2 years

60%2.68%3.25%2.68%3.25%
70%2.88%3.35%2.88%3.35%
75%3.45%4.09%3.45%4.09%
80%4.19%14.58%4.19%4.58%
85%4.79%15.08%4.79%5.08%
90%5.89%16.19%n/an/a

3 years

70%3.25%3.65%3.25%3.65%
75%3.69%4.28%3.69%4.28%
80%4.38%14.68%4.38%4.68%
85%5.09%15.18%5.09%5.18%
90%6.19%16.29%n/an/a

5 years

70%3.39%3.79%3.39%3.79%
75%3.79%4.68%3.79%4.68%
80%4.58%14.99%4.58%4.99%
85%5.19%15.28%5.19%5.28%
90%6.29%16.39%n/an/a

1 – includes cashback of £300

Residential Everyday tracker mortgages

  

Purchase

Remortgage

Tracker period

Max LTV£995 Product FeeFee Saver Option£995 Product FeeFee Saver Option

2 years

70%2.88%3.35%2.88%3.35%
75%3.45%3.89%3.45%3.89%
80%4.09%4.49%4.09%4.49%

3 years

70%3.25%3.65%3.25%3.65%
75%3.49%3.89%3.49%3.89%
80%4.09%4.49%4.09%4.49%

Buy to let mortgages – all including cashback of £750

Product

Max LTV£1,995 fee£995 fee2.5% fee2.0% feeFee Saver Option

2 year fixed

60%3.49%4.15%3.29%3.99%4.99%
70%3.85%4.39%3.65%4.19%5.55%

3 year fixed

60%4.25%4.75%3.89%4.49%5.59%
70%4.65%4.85%4.25%4.69%5.89%

5 year fixed

60%4.35%4.88%4.09%4.89%5.79%
70%4.75%4.99%4.39%5.09%5.99%

2 year tracker

60%n/a4.09%3.25%3.89%n/a
70%n/a4.29%3.59%4.04%n/a

Early Repayment Charges
Following the fixed rate or tracker period, the loan will revert to Virgin Money’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
The Fee Saver Option is ideal for customers looking to keep their fee costs as low as possible. This option is available across most of the 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 registered mortgage intermediaries, via the UK based call centre on 0800 0285 277, at http://bank.virginmoney.com/mortgages/ or through the nationwide network of stores. Phone 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

  • Following the acquisition of Northern Rock in January 2012, Virgin Money provides credit cards, mortgages, savings, pensions, investment and protection products to over four million customers
  • 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