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Virgin Money reduces mortgage rates by up to 0.40%

15/9/2015

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 two-year fixed rate launched, available exclusively through intermediaries
  • Selected residential rates reduced by up 0.30%
  • Selected two, three and five-year Help to Buy Equity Loan fixed rates reduced by up to 0.40%

Virgin Money is making a number of improvements to its residential mortgage range, introducing a new intermediary exclusive product and reducing tracker and fixed rates across a range of products by up to 0.40%. The new products are available from Tuesday 15 September 2015.


New intermediary exclusive

  • New intermediary exclusive two-year fixed rate launched at 2.24% available up to 85% LTV (£995 product fee, £1,000 cashback for purchases)

Tracker mortgage change

  • Two-year tracker rate at 80% LTV reduced by 0.30% to 1.69% (£995 product fee)

Three-year fixed rate mortgage changes

  • Three-year fixed rate at 75% LTV reduced by 0.05% to 2.24% (£995 product fee)
  • Three-year fixed rate at 80% LTV reduced by 0.11% to 2.28% (£995 product fee, £300 cashback for purchases)

Five-year fixed rate mortgage changes

  • Five-year fixed rate at 65% LTV reduced by 0.07% to 2.37% (£995 product fee)
  • Five-year fixed rate at 70% LTV reduced by 0.10% to 2.54% (£995 product fee)
  • Five-year fixed rate at 80% LTV reduced by 0.16% to 2.74% (£995 product fee, £300 cashback for purchases)

Help to Buy Equity Loan changes

  • Two-year fixed rate at 75% LTV reduced by 0.40% to 2.59% (no product fee, £500 cashback)
  • Five-year fixed rate at 75% LTV reduced by 0.36% to 3.03% (no product fee, £500 cashback)
  • Two-year fixed rate Stamp Duty Buster at 75% LTV reduced by 0.15% to 2.84% (no product fee, £2,500 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "Our latest reductions to mortgage rates benefit a range of borrowers, including those buying a home through the Government’s Help to Buy Equity Loan Scheme. We expect our new two-year fixed rate, which is available exclusively through our intermediary partners, to be particularly popular, and we are continuing to waive the usual £99 application fee for a limited period, providing a further benefit to customers."

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.