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Virgin money reduces fixed and tracker mortgage rates

03/06/2014

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 Everyday tracker mortgages now available from 1.85% up to 70% LTV
  • Two-year fixed rate mortgages now available from 2.09% up to 60% LTV
  • Five-year fixed rate mortgages now available from 3.28% up to 70% LTV
  • Two-year tracker buy-to-let mortgages now available at 3.24% up to 60% LTV

Virgin Money has announced rate reductions to selected fixed rate and tracker mortgages within its mortgage range. The revised product rates will be available from 3 June 2014.

Virgin Money now offers a two-year fixed rate product at 2.09% up to 60% LTV, a three-year fixed rate product at 2.65% up to 70% LTV and a five-year fixed rate mortgage at 3.28% up to 70% LTV. All come with a £995 product fee.

Virgin Money Fee Saver products have also been improved, with two-year fixed rates available from 2.64% and no fee.

Selected Virgin Money buy-to-let products have also been reduced, with a two-year fixed rate at 3.44% up to 70% LTV with a £1,995 product fee.

Virgin Money continues to offer mortgages for those customers with smaller deposits, with a two-year fixed rate product at 3.75% up to 85% LTV and a five-year fixed rate at 4.54% up to 85% LTV. Both come with a £995 product fee and £300 cash back.

Peter Rogerson, Virgin Money’s Savings and Mortgages Director said: “We have announced a number of helpful rate reductions across our mortgage range, as we look to support both residential and buy-to-let customers. We continue to offer a broad range of attractive products which are backed by a strong customer service proposition.”

For full details of all changes within the Virgin Money mortgage product range please visit:

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

-ENDS-

The descriptions of our product range are provided for information purposes only. This press release is not a financial promotion and should not be used or displayed as such.

Media Contacts

Virgin Money Press Office
0191 279 4676

press.office@virginmoney.com

NOTES TO EDITORS

Early Repayment Charges - Residential

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

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.