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Virgin Money cuts rates on Fee Saver mortgages

13/11/2012

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.

  • Fee Saver range offers loans with no product arrangement fees
  • Rates reduced by up to 0.69% on Fee Saver range, to start from 3.09%
  • Remortgage customers also benefit from no legal or valuation fees

Virgin Money is reducing selected interest rates across its residential Fee Saver mortgage range, which offers customers loans without any product arrangement fees. The updated range will be available from Tuesday 13 November 2012.

Changes to the Fee Saver range include:

Two Year Fixed Rates

  • Up to 60% LTV reduced by 0.16% to 3.09%
  • Up to 70% LTV reduced by 0.16% to 3.19%
  • Up to 75% LTV reduced by 0.40% to 3.69%

Five Year Fixed Rates

  • Up to 70% LTV reduced by 0.24% to 3.55%
  • Up to 75% LTV reduced by 0.69% to 3.99%

Tracker Rates

  • Two year trackers up to 70% LTV reduced by 0.16% to 3.19%
  • Three year trackers up to 70% LTV reduced by 0.20% to 3.45%

Customers remortgaging from another lender who take a Fee Saver product will also benefit from free standard legal services and a free basic valuation.

Anthony Mooney, Director of Mortgages and Savings at Virgin Money said “Many mortgages with eye-catching headline rates also require the customer to pay a large arrangement or product fee, and some of these fees have gone up recently. While these products are attractive to some customers, many customers want the simple combination of an attractive interest rate with no arrangement fee. In recognition of that, we are reducing rates on Virgin Money’s Fee Saver range, which have no product arrangement fees.”

ENDS


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


PRODUCT DETAILS

Residential Everyday Fee Saver fixed rate mortgages

  

Purchase

Remortgage

Fixed term

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

2 years

60%2.68%3.09%2.68%3.09%
70%2.88%3.19%2.88%3.19%
75%3.45%3.69%3.45%3.69%
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%3.45%3.25%3.45%
75%3.69%3.88%3.69%3.88%
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%3.55%3.39%3.55%
75%3.79%3.99%3.79%3.99%
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%3.19%2.88%3.19%
75%3.45%3.69%3.45%3.69%
80%4.09%4.49%4.09%4.49%

3 years

70%3.25%3.45%3.25%3.45%
75%3.49%3.88%3.49%3.88%
80%4.09%4.49%4.09%4.49%

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 mortgages.virginmoney.com, 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