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Virgin Money cuts rates by up to 0.40% across its Mortgage range

31/07/2014

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.

  • 85% LTV two-year fixed rates available at 3.15% (£995 product fee)
  • 75% LTV five-year fixed rates available at 3.49% (£995 product fee)
  • 95% LTV two-year fixed rate ‘fee saver’ option available at 5.39%
  • Two-year buy-to-let Fixed rates available from 2.59% (2.5% product fee)

Virgin Money has reduced a number of rates across its residential and buy-to-let mortgage ranges. All products will be available from Thursday 31 July 2014.

Improvements for customers with smaller deposits

  • Two-year fixed rate at 3.15% up to 85% LTV with a £995 product fee – a reduction of 0.08%
  • Two-year fixed rate at 5.39% up to 95% LTV with no product fee – a reduction of 0.20%

Improvements for customers with larger deposits

  • Five-year fixed rate at 3.49% up to 75% LTV with no product fee – a reduction of 0.15%

Buy-to-let rate reductions

  • Two-year fixed rate at 2.75% up to 60% LTV with a £1,995 product fee – a reduction of 0.24%
  • Three-year fixed rate at 3.49% up to 60% LTV with a £995 product fee – a reduction of 0.30%
  • Two-year fixed rate at 3.19% up to 70% LTV with a 2.0% product fee – a reduction of 0.40%
  • Two-year tracker at 2.49% up to 60% LTV with a £995 product fee – a reduction of 0.20%

Peter Rogerson, Virgin Money Savings and Mortgages Director said: “We’re delighted to make these rate reductions across our mortgage range which is beneficial for all types of borrower. The rate reductions show that Virgin Money remains committed to supporting all key areas of the mortgage market.”

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.

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 and at mortgages.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, 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.