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Virgin Money’s new rapid remortgage products mean customers can move their mortgage before Christmas

17/11/2014

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.

  • Two-year fixed rate available at 1.77% at 65% LTV with a £995 product fee
  • Five-year fixed rate available at 2.69% at 65% LTV with a £995 product fee
  • £99 application fee waived for all remortgage deals for a limited period

Virgin Money has announced a number of rate reductions on its Rapid Remortgage range. All products are available with immediate effect.

Rapid Remortgage products

  • Two-year fixed rate reduced to 1.77% up to 65% LTV, with a £995 product fee
  • Four-year fixed rate reduced to 2.49% up to 65% LTV, with a £995 product fee
  • Five-year fixed rate reduced to 2.69% up to 65% LTV, with a £995 product fee

The Rapid Remortgage products aim to present an Offer to the customer within 10 days of receiving a fully packaged application, giving them the opportunity to complete their remortgage before Christmas. The service is already proving popular with intermediaries.


David Wiltsher of Just Mortgages, part of the Spicerhaart Group, said: “I was incredibly impressed with Virgin Money's new Rapid Remortgage range. I completed an application for my client on a Friday afternoon fully expecting nothing to be even looked at until Monday. I returned to my desk at 9am on Monday morning to see a mortgage offer sitting in my inbox! Absolutely fantastic and my client was as impressed as I was. The process was simple, quick and easy and the underwriting requirements clear and precise."

The Rapid Remortgage products are available through all intermediaries registered with a Virgin Money national account for a limited period only.


Key changes to the residential core range

Virgin Money has also made some of its attractive fixed rate residential mortgage products available to customers with smaller deposits. Previously only available to customers with a 40% deposit, they are now available to those with a 35% deposit. Products include:


  • Two-year fixed rate at 2.14% now available at 65% LTV, with a £995 product fee
  • Five-year fixed rate at 2.92% now available at 65% LTV, with a £995 product fee (remortgage customers only)

The 65% LTV extension also applies to the larger loans range of intermediary exclusives. A five-year fixed rate at 2.59% is now available at 65% LTV, with a £1,495 product fee.

Application fees waived

Virgin Money is also waiving the usual £99 application fee for all residential and buy-to-let remortgage applications, for a limited period. The additional incentives of a free basic valuation and free standard legal work are available for residential remortgage customers on these products.

Peter Rogerson, Virgin Money’s Savings and Mortgages Director said: “We are delighted to announce the extension of our 60% LTV rates to 65% LTV, enabling customers with smaller deposits to take advantage of these very competitive rates. Our Rapid Remortage range offers attractive and competitive rates, and we expect them to continue to be popular with customers looking to move their mortgage before Christmas. We are also delighted to be able to waive the £99 application fee for customers wishing to remortgage to assist them with their costs."

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

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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, an 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, an 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 our 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 www.virginmoney.com/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.