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Virgin Money amends mortgage range

03/04/2013

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 year fixed rates available from 2.25%
  • Three year fixed rates available from 2.54%
  • Buy to Let fixed rates available from 3.39%
  • Cashback increased to £750 on Buy to Let products with a percentage fee of 2.5% or 2.0%

Virgin Money has announced a number of changes across its residential mortgage range. The updated range will be available from 3 April 2013.

Key Residential Changes

60% LTV changes:

  • Two year fixed rates1 available at 2.25% - a reduction of 0.03%

70% LTV changes:

  • Three year fixed rates1 available at 2.54% - a reduction of 0.15%
  • Five year fixed rates1 available at 2.94% - a reduction of 0.05%

75% LTV changes:

  • Two year fixed rates1 available at 2.55% - a reduction of 0.19%
  • Three year fixed rates1 available at 2.79% - a reduction of 0.46%
  • Five year fixed rates1 available at 3.09% - a reduction of 0.20%
  • Three year everyday tracker rates1 available at 2.79% - a reduction of 0.46%

1 – A £995 product fee is payable on these products.

Buy to Let Changes

  • Cashback incentive increased from £500 to £750 on products with a percentage fee of 2.5% or 2.0%
  • Two year fixed rates will start from 3.39% (with a 2.5% product fee)
  • Five year fixed rates available at 4.29% (with a £1,995 product fee)
  • Two year tracker rates available at 3.39% (with a 2.5% product fee)


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


PRODUCT DETAILS

Residential Everyday fixed rate mortgages

 

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

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

Fixed termMax LTV£995
Product Fee
Fee Saver
Option
£995
Product Fee
Fee Saver
Option
2 years60%2.25%2.74%2.25%2.74%
70%2.44%2.84%2.44%2.84%
75%2.55%3.45%2.55%3.45%
80%3.35%13.69%3.35%3.69%
85%3.94%14.14%3.94%4.14%
90%4.49%14.78%n/an/a
3 years70%2.54%3.09%2.54%3.09%
75%3.79%3.59%3.79%3.59%
80%3.49%13.89%3.49%3.89%
85%3.95%14.38%3.95%4.38%
90%4.59%14.89%n/an/a
5 years70%2.94%3.29%2.94%3.29%
75%3.09%3.79%3.09%3.79%
80%3.75%14.09%3.75%4.09%
85%4.15%14.58%4.15%4.58%
90%4.79%15.08%n/an/a

1 – includes cashback of £300

Residential Everyday tracker mortgages

 

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

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

Tracker periodMax LTV£995
Product Fee
Fee Saver
Option
£995
Product Fee
Fee Saver
Option
2 years70%2.44%2.84%2.44%2.84%
75%2.55%3.45%2.55%3.45%
80%3.19%3.69%3.19%3.69%
3 years70%2.54%3.09%2.54%3.09%
75%2.79%3.59%2.79%3.59%
80%3.49%3.89%3.49%3.89%

Residential Freedom to Fix tracker mortgages

 

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

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

Tracker periodMax LTV£995
Product Fee
£995
Product Fee
2 years70%2.85%2.85%
75%3.19%3.19%
80%3.59%3.59%

 

 Buy to Let Everyday Fixed Cashback Range

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

2 year fixed

60%3.75%4.29%3.59%4.09%5.09%
70%4.09%4.49%3.69%4.29%5.65%
3 year fixed60%4.25%4.59%3.89%4.49%5.59%
70%4.45%4.85%4.25%4.69%5.89%
5 year fixed60%4.29%4.68%4.09%4.59%5.79%
70%4.49%4.88%4.39%4.88%5.99%
2 year tracker60%n/a4.29%3.39%3.99%n/a
70%n/a4.49%3.69%4.29%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 savings, mortgages, credit cards, 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

 

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