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Virgin Money cuts buy-to-let rates by up to 0.80%

14/08/2014

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.

  • 2 year buy-to-let fixed rates reduced by up to 0.80%
  • 5 year buy-to-let fixed rates reduced by up to 0.50%
  • 2 year buy-to-let trackers reduced by up to 0.40%

Virgin Money has announced reductions to selected fixed rate and tracker products within its buy-to-let and residential mortgage ranges. The revised products will be available from Friday 15 August 2014.

Key changes within the buy-to-let range include:

2 year fixed rates:

  • 3.10% up to 75% LTV (£1,995 product fee) – a reduction of 0.25%
  • 3.58% up to 75% LTV (£995 product fee) – a reduction of 0.26%
  • 3.95% up to 70% LTV (no product fee) – a reduction of 0.79%
  • 4.24% up to 75% LTV (no product fee) – a reduction of 0.80%

3 year fixed rates:

  • 3.44% up to 70% LTV (£1,995 product fee) – a reduction of 0.24%
  • 3.89% up to 70% LTV (£995 product fee) – a reduction of 0.26%
  • 4.39% up to 70% LTV (no product fee) – a reduction of 0.45%

5 year fixed rates:

  • 4.29% up to 75% LTV (£1,995 product fee) – a reduction of 0.19%
  • 4.49% up to 75% LTV (£995 product fee) – a reduction of 0.29%
  • 4.34% up to 60% LTV (no product fee) – a reduction of 0.30%
  • 4.44% up to 70% LTV (no product fee) – a reduction of 0.50%

2 year trackers:

  • 2.59% up to 70% LTV (£995 product fee) – a reduction of 0.16%
  • 2.29% up to 60% LTV (2.5% product fee) – a reduction of 0.40%

Virgin Money has also announced some changes across its residential mortgage range.

Key changes within the residential range include:


2 year tracker:

  • 1.75% up to 70% (£995 product fee) – a reduction of 0.10%

2 year 'Freedom to Fix' tracker

  • 1.85% up to 70% (£995 product fee) – a reduction of 0.10%
  • Our ‘Freedom to Fix’ products allow customers to switch to a fixed rate during the tracker period without incurring an early repayment charge

Peter Rogerson, Virgin Money’s Savings and Mortgages Director said: "We’re delighted to announce these rate reductions and increase the competitiveness of our mortgage range for our customers, while retaining our offer of £500 cashback across the entire buy-to-let range."

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.