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Virgin Money reduces mortgage rates and removes residential application fee

06/07/2015

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.

  • Removal of £99 application fee for all residential products
  • Residential fixed rates reduced by up to 0.20%
  • Intermediary exclusive two year fixed rates reduced by up to 0.25%

Virgin Money has announced a number of improvements to its residential mortgage range. It has also removed the £99 application fee for all residential lending products for a limited period only. The new products will be available from Tuesday 7 July 2015.

Key residential product changes

  • Two-year fixed rate at 80% LTV reduced by 0.07% to 2.07% (£995 product fee, £300 cashback for purchases)
  • Two-year fixed rate at 85% LTV reduced by 0.10% to 2.09% (£995 product fee, £300 cashback for purchases)
  • Two-year fixed rate at 90% LTV reduced by 0.14% to 3.49% (no product fee, £500 cashback for first time buyers / £300 cashback for home movers)
  • Three-year fixed rate at 80% LTV reduced by 0.20% to 2.39% (£995 product fee, £300 cashback for purchases)
  • Five-year fixed rate at 90% LTV reduced by 0.20% to 3.99% (no product fee, £500 cashback for first time buyers / £300 cashback for home movers)

Intermediary exclusive product change

  • Two-year fixed rate at 80% LTV reduced by 0.21% to 1.88% (£995 product fee, £300 cashback for purchases)
  • Two-year fixed rate at 85% LTV for new build customers reduced by 0.25% to 2.14% (£995 product fee, £500 cashback for first time buyers / £300 cashback for other purchases)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "We’re delighted to announce these latest improvements to our residential mortgage range which includes the removal of the £99 application fee for a limited period. We continue to develop our mortgage proposition in line with the commitments we announced earlier in the year and help borrowers across all segments of the mortgage market."

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.

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.