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Virgin Money to reduce selected mortgage rates

24/09/2012

This information is intended for use by journalists and is correct at the time of publication. Customers wanting to view our current mortgage range should visit our mortgages pages.

  • 2 year fixed rates at 60% LTV available from 2.79%
  • Selected buy to let fixed rates reduced by up to 0.39%, with rates starting from 3.49%
  • Cashback on all buy to let products will increase to £750

Virgin Money is reducing selected interest rates on its residential and buy to let mortgage range. The updated range will be available from Tuesday 25 September 2012.

The popular 2 year fixed rate for residential customers, which is available up to 60% LTV, is being reduced by 0.10% to 2.79% with a £995 product fee. Up to 70% LTV, a 2 year fixed rate will reduce by 0.16% to 2.99% with a £995 product fee, and by 0.20% to 3.35% with no product fee.

Selected tracker rates are also reducing, with a 2 year tracker up to 70% LTV falling by 0.16% to 2.99% with a £995 product fee, and by 0.20% to 3.35% with no product fee. A number of reductions are also being made to Virgin Money’s buy to let range. Included within the changes is the 2 year fixed rate product at 60% LTV (with a £1,995 product fee) which will reduce by 0.20% to 3.59%. A 2 year fixed rate up to 60% LTV with a 2.5% product fee will reduce by 0.36% to 3.49%. The equivalent product up to 70% LTV will reduce by 0.39% to 3.89%.

For buy to let customers looking at a longer term fixed rate, a five year fixed rate with a 2.5% product fee will reduce by 0.30% to 4.19% (available up to 60% LTV), while the equivalent product with a £1,995 product fee will reduce by 0.20% to 4.39%.

The level of cashback available across all Virgin Money buy to let products will increase to £750 for a limited period.

Richard Tugwell, Intermediary Sales Director at Virgin Money said “We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending. The changes will help buy to let customers in particular, with both lower rates and increased cashback available.”

Mortgage products are offered by Northern Rock plc and are available through registered mortgage intermediaries as well as online, over the phone and through the nationwide network of stores.

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

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

60%

2.79%

3.25%

2.79%

3.25%

70%

2.99%

3.35%

2.99%

3.35%

75%

3.45%

4.09%

3.45%

4.09%

80%

4.19%1

4.58%

4.19%

4.58%

85%

4.79%1

5.08%

4.79%

5.08%

90%

5.89%1

6.19%

n/a

n/a

 

 

 

 

 

3 years

70%

3.25%

3.65%

3.25%

3.65%

75%

3.69%

4.28%

3.69%

4.28%

80%

4.38%1

4.68%

4.38%

4.68%

85%

5.09%1

5.18%

5.09%

5.18%

90%

6.19%1

6.29%

n/a

n/a

 

 

 

 

 

5 years

70%

3.49%

3.79%

3.49%

3.79%

75%

3.79%

4.68%

3.79%

4.68%

80%

4.58%1

4.99%

4.58%

4.99%

85%

5.19%1

5.28%

5.19%

5.28%

90%

6.29%1

6.39%

n/a

n/a

1 – includes cashback of £300

Residential Everyday tracker mortgages

 

--------------Purchase--------------

--------------Remortgage---------------

Tracker period

Max LTV

£995
Product Fee

Fee Saver
Option

£995
Product Fee

Fee Saver
Option

 

 

 

 

 

2 years

70%

2.99%

3.35%

2.99%

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 fee

2.5% fee

2.0% fee

Fee Saver Option

2 year fixed

60%

3.59%

4.39%

3.49%

4.09%

5.35%

70%

3.99%

4.59%

3.89%

4.29%

5.75%

 

 

 

 

 

3 year fixed

60%

4.25%

4.75%

3.99%

4.49%

5.59%

70%

4.65%

4.85%

4.25%

4.69%

5.89%

 

 

 

 

 

5 year fixed

60%

4.39%

4.88%

4.19%

4.99%

5.79%

70%

4.75%

5.09%

4.59%

5.09%

5.99%

 

 

 

 

 

 

2 year tracker

60%

n/a

4.18%

3.49%

3.89%

n/a

70%

n/a

4.48%

3.80%

4.04%

n/a

Early Repayment Charges

Following the fixed rate or tracker 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

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 www.northernrock.co.uk/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.

- ENDS -

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

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.