Virgin Money makes improvements to its mortgage range
- Residential fixed rates at 85% LTV reduced by up to 0.09%, with rates from 2.34%
- Selected buy-to-let rates reduced by 0.10%, with fixed rates starting at 2.29%
- Intermediary exclusive 65% LTV two-year fixed rate reduced by 0.10% to 1.49%, with the product fee reduced from £1,495 to £995
Virgin Money has announced a number of improvements to its residential and buy-to-let mortgage range. The new products will be available from Friday 5 June 2015.
Residential product changes
- Two-year fixed rate at 85% LTV reduced by 0.05% to 2.34% (£995 product fee, £300 cashback for purchases)
- Three-year fixed rate at 85% LTV reduced by 0.06% to 2.79% (£995 product fee, £300 cashback for purchases)
- Five-year fixed rate at 85% LTV reduced by 0.09% to 3.25% (£995 product fee, £300 cashback for purchases)
Buy-to-let product changes
- Two-year fixed rate at 60% LTV reduced from 2.39% to 2.29% (£1,995 product fee, £500 cashback)
- Two-year tracker rate at 60% LTV reduced from 2.59% to 2.49% (£995 product fee, £500 cashback)
Intermediary exclusive product changes
- Two-year fixed rate at 65% LTV reduced by 0.10% to 1.49%, with the product fee reduced from £1,495 to £995
- Virgin Money continues to waive the £99 application fee on this product
- The previous minimum loan amount of £150,000 will be removed
Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: “The rate reductions we have announced support both residential and buy-to-let customers, ensuring that we continue to offer attractive options to borrowers across the market. The two-year residential fixed rate we have available exclusively through our intermediary partners has been popular, so with the new lower rate, reduced product fee and no application fee, we expect demand for this product to be strong.”
Full details of Virgin Money’s mortgage product range are available at www.virginmoney.com.
Virgin Money Press Office:
0191 279 4676
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.
- 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.