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Virgin Money launches new buy-to-let range and reduces higher LTV mortgage rates

30/10/2015

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.

  • Cashback on all intermediary Buy-to-let exclusives increased to £750 for a limited period only
  • Selected residential rates between 75% and 90% LTV reduced, with 90% LTV rates from 2.63%
  • New intermediary exclusive Buy-to-let two and five-year fixed rates starting from 1.84%

Virgin Money has made a number of changes to its mortgage range, including improvements to its intermediary exclusive Buy-to-let range with rates starting from 1.84%. It has also increased the cashback on all intermediary Buy-to-let exclusives from £500 to £750 for a limited period only, and reduced selected higher LTV residential fixed rates. The new product range is available from Friday 30 October 2015.


Residential mortgage changes

  • Two-year fixed rates at 90% LTV reduced by up to 0.25%, and now start from 2.63% (£995 product fee, £300 cashback for purchases and £500 for first time buyers)
  • Three-year fixed rates at 90% LTV reduced by up to 0.31%, and now start from 3.13% (£995 product fee, £300 cashback for purchases and £500 for first time buyers)
  • Five-year fixed rates at 90% LTV reduced by up to 0.21%, and now start from 3.45% (£995 product fee, £300 cashback for purchases and £500 for first time buyers)
  • Selected two, three and five-year fixed rate fee savers between 75% and 85% LTV reduced by up to 0.77%

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

  • Two-year fixed rate at 60% LTV launched at 1.84% (£2,495 product fee, £750 cashback)
  • Five-year fixed rate at 60% LTV launched at 2.99% (£2,495 product fee, £750 cashback)

Intermediary exclusive buy-to-let changes

  • Two-year fixed rates reduced by up to 0.14%, and now start from 1.99% (£1,995 product fee, £750 cashback)
  • Five-year fixed rates reduced by up to 0.04%, and now start from 3.15% (£1,995 product fee, £750 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "We are delighted to continue to support the mortgage market through the introduction of our competitive new range, across both the residential and Buy-to-let sectors. We have increased the cashback we offer across our intermediary exclusive Buy-to-let range for a limited period, and we are continuing to support landlords with this latest round of improvements to our 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.