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Virgin Money cuts rates and waives fees on selected mortgage products

23/01/2015

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 visit our mortgages pages.

  • Two-year fixed rate mortgage at 65% LTV reduced to 1.55%, with a £1,495 product fee.
  • Five-year fixed rate mortgage at 65% LTV reduced to 2.35%, with a £1,495 product fee.
  • Two-year fixed rate mortgage at 85% LTV reduced to 2.59%, with a £995 product fee
  • £99 application fee waived on selected intermediary exclusive products.

Virgin Money has further reduced interest rates on a number of residential mortgage products and also across its Intermediary Exclusive range. The revised Intermediary Exclusive products are now available to all intermediaries registered with a Virgin Money national account.


Key changes to the larger Loan Intermediary Exclusive range

  • Two-year fixed rate at 65% LTV reduced to 1.55%, with a £1,495 product fee.
  • Three-year fixed rate at 65% LTV reduced to 2.35%, with a £1,495 product fee.

The Larger Loan Intermediary Exclusives have a minimum loan size of £150,000.


Key changes to the general Intermediary Exclusive range

  • Two-year fixed rate at 65% LTV reduced to 1.72%, with a £995 product fee.
  • Two-year fixed rate at 75% LTV reduced to 1.88%, with a £995 product fee.
  • Five-year fixed rate at 65% LTV reduced to 2.43%, with a £995 product fee.
  • Two-year fixed rate New Build special at 85% LTV available at 2.54%, with a £995 product fee and £500 cashback.

Virgin Money is also waiving the £99 application fee on selected 65%, 70% and 75% LTV intermediary exclusive products, for a limited period only.


Key changes to core residential range

  • Two-year fixed rate at 85% LTV reduced to 2.59%, with a £995 product fee.

Key changes to the Buy-to-let range

  • Buy-to-let two-year fixed rate at 60% LTV reduced to 2.39%, with a £1,995 product fee and £500 cashback.
  • Buy-to-let five-year fixed rate at 60% LTV reduced to 3.55%, with a £1,995 product fee and £500 cashback..

Peter Rogerson, Virgin Money’s Mortgages Director said: "The rate reductions we have announced today continue to reinforce Virgin Money’s commitment to all segments of the mortgage market and to our intermediaries. We have also waived the £99 application fee on selected low LTV intermediary exclusive products. The improvements we have made will help customers benefit from some of the most competitive deals in the current market."

Full details of Virgin Money’s new mortgage product range are available at http://uk.virginmoney.com/virgin/mortgages.


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.


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 our 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, including funds raised 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.