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Virgin Money updates mortgage range

25/9/2015

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.

  • Selected higher LTV fixed rates reduced by up to 0.20%
  • New buy-to-let fixed rates launched, available exclusively through intermediaries

Virgin Money has made a number of improvements to its residential mortgage range, reducing selected 85% and 90% LTV residential fixed rates by up to 0.20% and introducing a new range of intermediary exclusive buy-to-let products at 60% LTV. The new product range is available from today, Friday 25 September 2015.


85% LTV residential mortgage changes

  • Three-year fixed rate reduced by 0.07% to 2.48% (£995 product fee, £300 cashback for purchases)
  • Five-year fixed rate reduced by 0.05% to 3.03% (£995 product fee, £300 cashback for purchases)

90% LTV residential mortgage changes

  • Three-year fixed rate reduced by 0.20% to 3.25% (£995 product fee, £500 cashback for first time buyers / £300 cashback for home movers)
  • Five-year fixed rate reduced by 0.13% to 3.55% (£995 product fee, £500 cashback for first time buyers / £300 cashback for home movers)

New buy-to-let products available exclusively through intermediaries

  • Two-year fixed rate at 60% LTV launched at 2.19% (£1,995 product fee, £500 cashback)
  • Five-year fixed rate at 60% LTV launched at 3.24% (£1,995 product fee, £500 cashback)
  • Two-year tracker rate at 60% LTV launched at 2.29% (Bank of England Base Rate +1.79%, £995 product fee, £500 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "We are delighted to announce these latest reductions to our higher LTV range, helping borrowers with smaller deposits. Virgin Money remains committed to ensuring our intermediary partners have access to our most attractive mortgages, and the new range of buy-to-let products continues to deliver on that promise."

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.