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Virgin Money launches new range of Mortgage products

29/08/2014

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.

  • New range of intermediary exclusive products launched for a limited period
  • Residential fixed rates available from 1.94% (60% LTV with a £1,995 product fee)
  • Buy-to-let exclusive fixed rates available from 2.65% (60% LTV with a £1,995 product fee)

Virgin Money has announced a new range of residential and buy-to-let mortgage products. The range includes a number of intermediary exclusive products which are available through all intermediaries registered with a Virgin Money national account. All products will be available from Friday 29 August 2014. The intermediary exclusive range will be available for a limited period only.

Summary of the mortgage changes:

New intermediary exclusive products - available to purchase and remortgage customers:

  • Residential two-year fixed rate at 2.08% at 60% LTV (£995 product fee)
  • Residential three-year fixed rate at 2.54% at 60% LTV (£995 product fee)
  • Buy-to-let two-year fixed rate at 2.65% at 60% LTV (£1,995 product fee)
  • Buy-to-let two-year fixed rate at 2.74% at 70% LTV (£1,995 product fee)
  • Buy-to-let five-year fixed rate at 3.79% at 60% LTV (£1,995 product fee)

These exclusive buy-to-let products all offer £250 cashback.


Larger loan intermediary exclusive products - available to purchase and remortgage customers:

  • New two-year fixed rate at 1.94% up to 60% LTV (£1,995 product fee)
  • New three-year fixed rate at 2.45% up to 60% LTV (£1,495 product fee)
  • Four-year fixed rate reduced from 2.99% to 2.85% up to 60% LTV (£995 product fee)
  • Five-year fixed rate reduced from 3.10% to 2.99% (£1,495 product fee), with the maximum LTV increased from 50% to 60%

These products are available on loans between £200,000 and £1,000,000.


Key changes to the core range:

  • Two-year fixed rate at 2.14% at 60% LTV (£995 product fee) – a reduction of 0.14%
  • Two-year fixed rate at 4.15% at 90% LTV (No product fee) – a reduction of 0.24%
  • Five-year fixed rate at 3.18% at 70% LTV (£995 product fee) – a reduction of 0.11%
  • Buy-to-let two-year tracker at 1.99% at 60% LTV (2.5% product fee) – a reduction of 0.30%

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.