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Virgin Money makes changes to its mortgage range

22/07/2013

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.

  • New two-year residential Everyday fixed rates available from 2.13%
  • Selected Fee Saver Options reduced by up to 0.66%
  • Selected Buy-to-let rates reduced by up to 0.40%

Virgin Money has announced a number of changes across its Residential and Buy-to-let mortgage range. The updated range will be available to purchase and remortgage customers from 23 July 2013.

Key Residential Changes

60% LTV changes:

  • A two-year Everyday fixed rate is now available at 2.13% with a £995 product fee
  • A two-year Everyday fixed rate Fee Saver Option is now available at 2.49%

70% LTV changes:

  • A two-year Everyday fixed rate is now available at 2.19% with a £995 product fee
  • A two-year Everyday fixed rate Fee Saver Option is now available at 2.59%
  • A three-year Everyday fixed rate Fee Saver Option is now available at 2.74%
  • A five-year Everyday fixed rate is now available at 2.99% with a £995 product fee
  • A two-year Everyday Tracker is now available at 2.19% with a £995 product fee

80% and 85% LTV changes:

  • A two-year Everyday fixed rate at 80% LTV with £300 cash back is now available at 3.05% with a £995 product fee
  • A two-year Everyday fixed rate at 85% LTV with £300 cash back is now available at 3.49% with a £995 product fee

Buy to Let Changes

  • A two-year Everyday fixed rate with £750 cash back is now available at 2.99% with a 2.5% product fee

Peter Rogerson, Commercial Director for Mortgages and Savings at Virgin Money said: “We are delighted to announce these improvements to our mortgage range, which will support borrowers in a range of situations: from the existing borrower remortgaging their property, to someone buying a house with a smaller deposit, and landlords buying a property to rent out.

“We remain committed to offering attractive products and putting our customers at the heart of all we do.”

ENDS

Media 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%2.13%2.49%2.13%2.49%
70%2.19%2.59%2.19%2.59%
75%2.43%2.79%2.43%2.79%
80%3.49%3.49%
85%3.78%3.78%
90%4.78%
3 years70%2.39%2.74%2.39%2.74%
75%2.79%2.99%2.79%2.99%
80%3.89%3.89%
85%4.38%4.38%
90%4.89%4.89%
5 years70%2.99%3.29%2.85%3.29%
75%3.19%3.79%3.09%3.79%
80%4.09%4.09%
85%4.58%4.58%
90%5.08%

 

Residential Everyday fixed rate Cashback range for purchase only

Fixed TermMax LTV£995
Product Fee
2 years80%3.05%
85%3.49%
90%4.75%
3 years80%3.49%
85%4.09%
90%4.69%
5 years80%3.79%
85%4.19%
90%4.89%

 

Residential Everyday tracker mortgages

 

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

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

Tracker periodMax LTV£995
Product Fee
Fee Saver
Option
£995
Product Fee
Fee Saver
Option
2 years70%2.19%2.59%2.19%2.59%
75%2.43%2.79%2.43%2.79%
80%3.05%3.49%3.05%3.49%
3 years70%2.39%2.74%2.39%2.74%
75%2.79%2.99%2.79%2.99%
80%3.49%3.89%3.49%3.89%

 

Residential Flexible tracker mortgages

 

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

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

Tracker periodMax LTV£995
Product Fee
£995
Product Fee
2 years70%3.65%3.65%
75%3.89%3.89%
80%4.69%4.69%

 

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 Cashback Range

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

2 year fixed

60%3.48%3.75%2.99%3.69%5.09%
70%3.75%4.09%3.39%3.99%5.65%
3 year fixed60%3.59%4.59%3.89%4.49%5.59%
70%3.79%4.85%4.05%4.69%5.89%
5 year fixed60%3.99%4.68%3.99%4.59%5.79%
70%4.09%4.88%4.09%4.79%5.99%

 

Buy to Let Everyday Tracker Cashback Range

ProductMax LTV£995 fee2.5% fee2.0% fee

2 year Everyday tracker

60%3.75%2.89%3.69%
70%3.99%3.39%3.99%

 

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 Money 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

Supplementary notes

  • The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit www.virginmoney.com/mortgages for full terms and conditions.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.