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Virgin Money expands buy-to-let range and reduces selected mortgage rates

16/10/2015

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 our mortgages pages.

  • New intermediary exclusive buy-to-let two and five-year fixed rates launched at 70% LTV
  • Selected intermediary exclusive buy-to-let fixed rates reduced by up to 0.10%
  • Selected residential fixed rates between 80% and 90% LTV reduced by up to 0.18%

Virgin Money has made a number of changes to its residential mortgage range, improving its intermediary exclusive buy-to-let range by reducing selected fixed rates and introducing new fixed rate options at 70% LTV, as well as reducing selected higher LTV residential fixed rates by up to 0.18%. The new product range is available from Friday 16 October 2015.


Residential mortgage changes

  • Two-year fixed rate at 90% LTV reduced by 0.18% to 2.79% (£995 product fee, £300 cashback for purchases)
  • Three-year fixed rate at 90% LTV reduced by 0.10% to 3.15% (£995 product fee, £300 cashback for purchases)
  • Five-year fixed rate at 85% LTV reduced by 0.09% to 2.94% (£995 product fee, £300 cashback for purchases)

New buy-to-let fixed rates available exclusively through intermediaries

  • Two-year fixed rate at 70% LTV launched at 2.54% (£1,995 product fee, £500 cashback)
  • Two-year fixed rate at 70% LTV launched at 2.85% (£995 product fee, £500 cashback)
  • Five-year fixed rate at 70% LTV launched at 3.60% (£1,995 product fee, £500 cashback)

Intermediary exclusive buy-to-let changes

  • Two-year fixed rate at 60% LTV reduced by 0.06% to 2.13% (£1,995 product fee, £500 cashback)
  • Two-year fixed rate at 60% LTV reduced by 0.10% to 2.45% (£995 product fee, £500 cashback)
  • Five-year fixed rate at 60% LTV reduced by 0.05% to 3.19% (£1,995 product fee, £500 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "A good supply of housing in the private rented sector is an important part of the market, and we are delighted to support landlords with these latest improvements to our buy-to-let products, which are available through all of our intermediary partners."

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


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 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.