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Virgin Money cuts mortgage rates across its range

15/09/2014

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.

  • Reductions across the core mortgage range and intermediary exclusive products
  • Two-year residential fixed rates reduced by up to 0.26%
  • Five year residential fixed rates reduced by up to 0.20%

Virgin Money has announced a number of rate reductions across its residential and buy-to-let mortgage ranges. All products will be available from Monday 15 September 2014.

Summary of the mortgage changes:

Key changes to the residential core range:

  • Two-year fixed rate at 90% LTV at 3.89% (no product fee) – a reduction of 0.26%
  • Three-year fixed rate at 90% LTV at 4.49% (no product fee) – a reduction of 0.19%
  • Five-year fixed rate at 70% LTV at 2.99% (£995 product fee) – a reduction of 0.19%
  • Two-year tracker at 70% LTV at 1.65% (£995 product fee) – a reduction of 0.10%

Key changes to intermediary exclusive products:

  • Residential two-year fixed rate at 60% LTV at 1.89% (£995 product fee) – a reduction of 0.19%
  • Residential three-year fixed rate at 60% LTV at 2.39% (£995 product fee) – a reduction of 0.15%
  • Buy-to-let two-year fixed rate at 60% LTV at 2.58% (£1,995 product fee) – a reduction of 0.07%
  • Buy-to-let two-year fixed rate at 70% LTV at 2.69% (£1,995 product fee) – a reduction of 0.05%%

Key changes to larger loan exclusive products:

  • Two-year fixed rate at 60% LTV at 1.79% (£1,995 product fee) – a reduction of 0.15%
  • Three-year fixed rate at 60% LTV at 2.29% (£1,495 product fee) - a reduction of 0.16%
  • Four-year fixed rate at 60% LTV at 2.78% (£995 product fee) – a reduction of 0.07%
  • Five-year fixed rate at 60% LTV at 2.79% (£1,495 product fee) – a reduction of 0.20%

The larger loan exclusive products are available on loans between £150,000 and £1,000,000.


Peter Rogerson, Virgin Money’s Savings and Mortgages Director said: "The reductions we have made across our mortgage range are great news for borrowers and demonstrate our commitment to providing our intermediary partners with great deals. They help a range of customers from those with larger deposits to those looking to get their first foot on the housing ladder."

The intermediary exclusive range will be available for a limited period only, through all intermediaries registered with a Virgin Money national account.


Full details of Virgin Money's mortgage product range are available at: www.virginmoney.com


- ENDS -


Media Contacts

Virgin Money Press Office
0191 279 4676

press.office@virginmoney.com


NOTES TO EDITORS


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.

Early Repayment Charges – Buy-to-Let

Following the fixed rate or tracker period, the loan will revert to Virgin Money’s Buy-to-Let Variable Rate, (currently 4.99%) 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.

Applications

Products are available through registered mortgage intermediaries, via the UK based call centre on 0800 0285 277 and at www.virginmoney.com. Phone lines are open from 8am to 8pm Monday to Friday, 9am to 3pm Saturday, and 10am to 3pm on Sunday.

About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
  • 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 one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.

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 http://uk.virginmoney.com/virgin/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.