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Virgin Money mortgage product changes

21/11/2012

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.

  • Two, three and five year residential fixed rates to be reduced by up to 0.30%
  • Selected residential tracker rates will also be reduced
  • Updated buy to let range also available

Virgin Money is reducing a number of interest rates in its residential mortgage range. The updated range will be available from Thursday 22 November 2012.

Two year fixed rates up to 75% LTV are being reduced by 0.16% to 3.29%, with loans up to 60% LTV available at 2.68% (both with a £995 product fee). A two year tracker with a £995 product fee up to 75% LTV is also being reduced, by 0.16%, to 3.29%.

Three year fixed rates will be available at 2.95%, a reduction of 0.30% (up to 70% LTV with a £995 product fee). The equivalent product up to 75% LTV will reduce by 0.21% to 3.48%.

Selected five year fixed rates will also reduce, with loans up to 70% LTV available at 3.18% – a 0.21% reduction – and up to 75% at 3.65%, a 0.14% reduction (both with a £995 product fee).

A number of updates to the buy to let range have also been made. A two year fixed rate up to 60% LTV will be available at 3.75%, or up to 70% LTV at 4.15%. Both products have a £1,995 product fee. With a £995 product fee, a two year fixed rate up to 60% LTV will be available at 4.25%, and up to 70% LTV at 4.49%. The limited offer of £750 cashback on buy to let will no longer be available, with cashback across the buy to let range reverting to the previous level of £500.

ENDS


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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%3.29%3.69%3.29%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%3.18%3.55%3.18%3.55%
75%3.65%3.99%3.65%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%3.29%3.69%3.29%3.69%
80%4.09%4.49%4.09%4.49%

3 years

70%2.95%3.45%2.95%3.45%
75%3.48%3.88%3.48%3.88%
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%3.75%4.25%3.49%3.99%4.99%
70%4.15%4.49%3.75%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%3.35%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 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

  • 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