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Virgin Money reduces rates across its mortgage range

31/05/2013

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 residential two year fixed rate at 2.15% available exclusively through intermediaries
  • New Buy-to-let two year fixed rate at 3.29% available exclusively through intermediaries
  • Selected Buy-to-let rates reduced by up to 0.36%

Virgin Money has announced a number of changes across its Residential and Buy-to-let mortgage range. The updated range will be available from 31 May 2013.

Key Residential Changes

60% LTV change:

  • A two year fixed rate now available at 2.19% with a £995 product fee.
  • A two year fixed rate at 2.15% is available exclusively through intermediaries registered with a Virgin Money national account. Available to both purchase and remortgage customers, the product has a maximum loan size of £300,000 and a product fee of £1,095.

70% LTV change:

  • A two year fixed rate now available at 2.29% with a £995 product fee.
  • A two year tracker reduced to 2.29% with a £995 product fee.
  • A five year fixed rate now available at 2.85% with a £995 product fee.

90% LTV change:

  • A two year fixed rate now available at 4.75% with a £995 product fee.

Buy to Let Changes

  • Three year fixed rates up to 60% LTV available at 3.59% (with a £1,995 product fee).
  • A two year tracker at 70% LTV available at 3.99% (with a £995 product fee).
  • A new two year fixed rate at 3.29% and five year fixed rate at 3.89% both at 60% LTV is available exclusively through intermediaries registered with a Virgin Money national account. Available to both purchase and remortgage customers, the product has a maximum loan size of £1,000,000 and a £2,495 product fee.
  • Cashback incentive of £750 remains across the buy-to-let range apart from the exclusive intermediary products which do not come with a cashback incentive.

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%2.19%2.74%2.19%2.74%
70%2.29%2.84%2.29%2.84%
75%2.55%3.45%2.55%3.45%
80%3.39%13.69%3.39%3.69%
85%4.05%14.14%4.05%4.14%
90%4.75%14.78%n/an/a
3 years70%2.39%3.09%2.39%3.09%
75%2.79%3.59%2.79%3.59%
80%3.49%13.89%3.49%3.89%
85%4.09%14.38%4.09%4.38%
90%4.69%14.89%n/an/a
5 years70%2.85%3.29%2.85%3.29%
75%3.09%3.79%3.09%3.79%
80%3.79%14.09%3.79%4.09%
85%4.19%14.58%4.19%4.58%
90%4.89%15.08%n/an/a

1 – includes cashback of £300

Intermediary exclusive - Residential Everyday fixed rate mortgages

Fixed TermProduct feeMax LTVPurchaseRemortgage
2 years£1,09560%2.15%2.15%

 

Residential Everyday tracker mortgages

 

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

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

Tracker periodMax LTV£995
Product Fee
Fee Saver
Option
£995
Product Fee
Fee Saver
Option
2 years70%2.29%2.84%2.29%2.84%
75%2.55%3.45%2.55%3.45%
80%3.39%3.69%3.39%3.69%
3 years70%2.39%3.09%2.39%3.09%
75%2.79%3.59%2.79%3.59%
80%3.49%3.89%3.49%3.89%

 

 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%3.39%4.09%5.09%
70%3.75%4.09%3.69%4.29%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%3.39%3.99%
70%3.99%3.69%4.29%

 

 Intermediary exclusive - Buy to Let Everyday fixed rate mortgages*

Fixed termProduct feeMax LTVPurchaseRemortgage
2 years£2,49560%3.29%3.29%
70%3.38%3.38%
5 years£2,49560%3.89%3.89%
70%3.99%3.99%

*Please note that these products do not come back with a cashback incentive

 

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.