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Virgin Money reduces mortgage rates

20/02/2013

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.

  • Selected residential rates (with no arrangement fee) reduced by up to 0.90%
  • Selected residential rates (with £995 arrangement fee) reduced by up to 0.40%
  • Two year fixed rates available from 2.34%
  • Buy to Let Cashback increased from £300 to £500 across full range

Virgin Money has announced further rate reductions across its residential mortgage range. The updated range will be available from 20 February 2013.

Key Residential Changes

90% LTV changes:

  • Two year fixed rates1 available at 4.35% - a reduction of 0.30%
  • Three year fixed rates1 available at 4.59% - a reduction of 0.40%
  • Five year fixed rates1 also available at 4.79% - a reduction of 0.20%

85% LTV changes:

  • Two year fixed rates1 available at 3.74% - a reduction of 0.20%
  • Three year fixed rates1 available at 3.95% - a reduction of 0.20%
  • Five year fixed rates1 available at 4.15% - a reduction of 0.14%

60% LTV changes:

  • Two year fixed rates1 available at 2.34% - a reduction of 0.15%

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

Buy to Let Changes

  • Cashback incentive increased from £300 to £500
  • Two year fixed rates will start from 3.59%
  • Two year tracker rates available at 3.49%


Peter Rogerson, Commercial Director for Mortgages and Savings at Virgin Money said: “We’re delighted to be able to reduce rates across our mortgage range.  We want to support customers across the market, and those with both smaller and larger deposits can benefit from these rate cuts.”

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%

2.34%

2.74%

2.34%

2.74%

70%

2.44%

2.84%

2.44%

2.84%

75%

2.84%

3.45%

2.84%

3.45%

80%

3.19%1

3.69%

3.19%

3.69%

85%

3.74%1

4.14%

3.74%

4.14%

90%

4.35%1

4.78%

n/a

n/a

 

 

 

 

 

3 years

70%

2.69%

3.09%

2.69%

3.09%

75%

3.25%

3.59%

3.25%

3.59%

80%

3.49%1

3.89%

3.49%

3.89%

85%

3.95%1

4.38%

3.95%

4.38%

90%

4.59%1

4.89%

n/a

n/a

 

 

 

 

 

5 years

70%

3.05%

3.29%

3.05%

3.29%

75%

3.29%

3.79%

3.29%

3.79%

80%

3.75%1

4.09%

3.75%

4.09%

85%

4.15%1

4.58%

4.15%

4.58%

90%

4.79%1

5.08%

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%

2.44%

2.84%

2.44%

2.84%

75%

2.84%

3.45%

2.84%

3.45%

80%

3.19%

3.69%

3.19%

3.69%

 

 

 

 

 

3 years

70%

2.69%

3.09%

2.69%

3.09%

75%

3.25%

3.59%

3.25%

3.59%

80%

3.49%

3.89%

3.49%

3.89%


Residential Freedom to Fix tracker mortgages

 

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

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

Tracker period

Max LTV

£995
Product Fee

£995
Product Fee

 

 

 

2 years

70%

2.85%

2.85%

75%

3.19%

3.19%

80%

3.59%

3.59%

 

 Buy to Let Everyday Fixed Cashback Range

Product

Max LTV

£1,995 fee

£995 fee

2.5% fee

2.0% fee

Fee Saver Option

2 year fixed

60%

3.89%

4.45%

3.59%

4.09%

5.09%

70%

4.25%

4.59%

3.85%

4.29%

5.65%

 

 

 

 

 

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/a

4.29%

3.49%

3.99%

n/a

70%

n/a

4.59%

3.79%

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.