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Virgin Money reduces mortgage rates

14/01/2013

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.

  • Residential rates reduced by up to 1.30%
  • Two year fixed rates available from 2.49%
  • 90% LTV customers can now fix for five years at the same price as a three year product

Virgin Money is starting 2013 by reducing interest rates across its residential mortgage range. The updated range will be available from 15 January 2013, with rate reductions across all LTV bands to support customers in a range of circumstances.

90% LTV changes:

  • two year fixed rates1 available at 4.65% - a reduction of 0.34%
  • three year fixed rates1 available at 4.99% - a reduction of 1.20%
  • five year fixed rates1 also available at 4.99% - a reduction of 1.30% - offering customers the opportunity to fix their rate for five years at the same cost as a three year product

85% LTV changes:

  • two year fixed rates1 available at 3.94% - a reduction of 0.15%
  • three year fixed rates1 available at 4.15% - a reduction of 0.94%
  • five year fixed rates1 available at 4.29% - a reduction of 0.90%

60% LTV changes:

  • two year fixed rates1 available at 2.49% - a reduction of 0.15%
  • two year trackers1 available at 2.55% - a reduction of 0.20%

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

Pete Ball, Product and Commercial Director at Virgin Money said: “We’re delighted to be able to start the year by reducing rates across our mortgage range, which customers with both smaller and larger deposits can benefit from. Our intention in 2013 is to continue to grow the business, supporting mortgage customers across the market.”

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%2.49%2.89%2.49%2.89%
70%2.55%2.99%2.55%2.99%
75%2.84%3.45%2.84%3.45%
80%3.39%13.79%3.39%3.79%
85%3.94%14.35%3.94%4.35%
90%4.65%14.99%n/an/a

3 years

70%2.69%3.09%2.69%3.09%
75%3.25%3.59%3.25%3.59%
80%3.59%14.68%3.59%4.68%
85%4.15%15.18%4.15%5.18%
90%4.99%15.39%n/an/a

5 years

70%3.05%3.29%3.05%3.29%
75%3.29%3.79%3.29%3.79%
80%3.79%14.99%3.79%4.99%
85%4.29%15.28%4.29%5.28%
90%4.99%15.39%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%2.55%2.99%2.55%2.99%
75%2.84%3.45%2.84%3.45%
80%3.39%3.79%3.39%3.79%

3 years

70%2.69%3.09%2.69%3.09%
75%3.25%3.59%3.25%3.59%
80%3.59%4.49%3.59%4.49%

Residential Freedom to Fix tracker mortgages

Purchase

Remortgage

Tracker periodMax LTV£995 Product Fee£995 Product Fee

2 years

70%2.85%2.85%
75%3.19%3.19%
80%3.59%3.59%

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