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Virgin Money improves residential mortgage range

21/04/2015

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.

  • Residential fixed rates reduced by up to 0.45%
  • Three-year fixed rates available from 1.99%
  • Five-year fixed rates available from 2.39%

Virgin Money has announced a number of changes to its residential mortgage range, which include rate reductions of up to 0.45%. The revised range will be available from Wednesday 22 April.


Key changes to two-year fixed rate residential products

  • Two-year fixed rate at 85% LTV reduced by 0.15% to 2.39% (£995 product fee)
  • Two-year fixed rate at 90% LTV reduced by 0.34% to 3.45% (fee saver option)

Key changes to three-year fixed rate residential products

  • Three-year fixed rate at 65% LTV reduced by 0.40% to 1.99% (£995 product fee, remortgage only)
  • Three-year fixed rate at 70% LTV reduced by 0.30% to 2.19% (£995 product fee)
  • Three-year fixed rate at 75% LTV reduced by 0.25% to 2.89% (fee saver option)

Key changes to five-year fixed rate residential products

  • Five-year fixed rate at 65% LTV reduced by 0.20% to 2.39% (£995 product fee, remortgage only)
  • Five-year fixed rate at 75% LTV reduced by 0.45% to 3.39% (fee saver option)
  • Five-year fixed rate at 90% LTV reduced by 0.21% to 3.98% (fee saver option)

Key changes to the Intermediary Exclusive range

  • Five-year fixed rate at 65% LTV reduced by 0.05% to 2.34% (£1,495 product fee, remortgage only)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "Virgin Money continues to support borrowers in a variety of situations, from those with smaller deposits purchasing a property to those remortgaging to secure an attractive new product. The latest changes to our residential product range ensure that we continue to offer attractive options to borrowers across the market."

Full details of Virgin Money’s new 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

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.