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Virgin Money reduces mortgage rates by up to 0.80%

17/02/2015

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.

  • Two-year fixed rate mortgage at 80% LTV now available at 2.04%, with a £995 product fee.
  • Two-year fixed rate mortgage at 90% LTV now available at 3.44%, with no fee.
  • Three-year fixed rate Buy-to-let mortgage at 75% LTV now available at 3.59%, with a £995 product fee and £500 cashback.

Virgin Money has today launched a competitive new mortgage range that is available through all intermediaries registered with a Virgin Money national account.


Key changes

  • Intermediary Exclusive two-year fixed rate at 80% LTV now available at 2.04%, with a £995 product fee and £300 cashback on new purchases.
  • Two-year fixed rate at 85% LTV now available at 2.34%, with a £995 product fee and £300 cashback on new purchases.
  • Two-year fixed rate Help to Buy mortgage at 90% LTV now available at 3.44%, with no fee and £300 cashback on new purchases.
  • Two-year fixed rate Help to Buy mortgage at 95% LTV now available at 4.68%, with no fee and £300 cashback on new purchases.

Key changes to the Buy-to-let range

  • New Buy-to-let two-year fixed rate at 60% LTV now available at 2.99%, with no product or application fee (minimum loan size £100k)
  • Buy-to-let three-year fixed rate at 75% LTV now available at 3.59%, with a £995 product fee and £500 cashback.
  • Buy-to-let five-year fixed rate at 75% LTV now available at 4.09%, with a £995 product fee and £500 cashback.

Virgin Money is also continuing to waive the £99 application fee on selected 65%, 70% and 75% LTV intermediary products, for a limited period only.


Peter Rogerson, Virgin Money’s Mortgages Director said: "Our refreshed mortgage product range continues to reinforce Virgin Money’s strong competitive position in the mortgage market. Following the announcement of our “intermediary promises” earlier this week, these latest changes clearly demonstrate that Virgin Money is committed to providing greater choice for intermediaries and their customers, along with great service."

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.