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Virgin Money launches competitive new mortgage rates

08/11/2016

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 mortgage pages for full terms and conditions.

  • New intermediary exclusive residential two-year fixed rate at 1.32% (65% LTV, £995 product fee)
  • New intermediary exclusive buy-to-let two-year fixed rate at 1.74% (60% LTV, £1,995 product fee, £500 cashback)
  • Selected two and five-year Help to Buy Equity Loan fixed rates reduced by up to 0.26%

Virgin Money has updated its mortgage range, with the launch of new intermediary exclusive two-year fixed rates for a limited period. It has also made rate reductions on selected two and five-year fixed rate Help to Buy Equity Loan products.

The new products are available from today, Tuesday 8 November.

The new Intermediary Exclusive products:

  • Two-year residential fixed rate up to 65% LTV at 1.32% (£995 product fee, £300 cashback for purchases)
  • Two-year residential fixed rate up to 90% LTV at 2.24% (£995 product fee, £300 cashback for purchases, £500 for first time buyers)
  • Two-year buy-to-let fixed rate up to 60% LTV at 1.74% (£1,995 fee and £500 cashback)

Key changes to Help to Buy Equity Loan products:

  • Two-year fixed rate at 80% LTV reduced to 1.95% (£995 product fee, £500 cashback for purchases)
  • Five-year fixed rate at 55% LTV reduced to 2.49% (no product fee, £500 cashback for purchases)
  • Five-year fixed rate at 75% LTV reduced to 2.75% (no product fee, £500 cashback for purchases)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "This update to our mortgage range ensures that we continue to offer attractive options for purchase and remortgage customers looking for residential and buy-to-let loans. We are continuously developing and enhancing our mortgage proposition; a fact recognised with our Mortgage Lab recently being awarded the Innovation Culture Award at the Corporate Entrepreneur Awards."

Media Contacts:

Virgin Money Press Office:

0191 279 4676

press.office@virginmoney.com

NOTES TO EDITORS

Full details of Virgin Money's mortgage range are available at www.virginmoney.com

Early Repayment Charges

Following the fixed rate or tracker period, the loan will revert to Virgin Money's applicable Standard Variable Rate (currently 4.54% for residential and the Buy-to-let Variable Rate is 4.74%) 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.

Applications

Products are available through registered mortgage intermediaries, via the UK based call centre on 0800 0285 277 and at www.virginmoney.com. Phone lines are open from 8am to 8pm Monday to Friday, 9am to 3pm Saturday, and 10am to 3pm on Sunday.

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to over 3.2 million customers across the UK.
  • 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 shareholders.
  • More than 12,500 charities have registered with Virgin Money Giving and, by the end of September 2016, almost £500 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £15.7 million more raised for charity because of its not-for-profit model.

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 http://uk.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.