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Virgin Money reduces Help to Buy equity loan mortgage rates

28/04/2016

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 mortgages pages.

  • Help to Buy equity loan rates reduced by up to 0.21%
  • Two-year fixed rate Help to Buy equity loan products now available from 1.84%
  • Selected reductions made to the core residential product range

Virgin Money is making a number of rate reductions on selected products across its Help to Buy equity loan and core residential mortgage ranges.

All products are available from Friday 29 April 2016.

Key changes to the Help to Buy equity loan mortgage product range

  • New two-year fixed rate at 1.84% (£995 product fee).
  • Two-year fixed rate with £500 cashback reduced by 0.10% to 1.94% (£995 product fee).
  • Two-year fixed rate with £500 cashback and no product fee reduced by 0.21% to 2.38%.
  • Five-year fixed rate with £500 cashback reduced by 0.08% to 2.60% (£995 product fee).

In addition, the previous maximum loan size of £187,500 applicable to Help to Buy equity loan Stamp Duty Buster products has been removed, making the products available to a broader range of customers.

All Help to Buy equity loan products are available up to 75% LTV.

Key changes to the core residential mortgage product range

  • Two-year fixed rate at 75% LTV, reduced to 2.38% (no product fee).
  • Two-year tracker at 75% LTV, reduced to 2.38% (no product fee).

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "The Help to Buy equity loan scheme provides welcome support for first time buyers and home movers buying new build property, and we’re delighted to continue our support for the scheme with these latest improvements to our product range."

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

ENDS

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 offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to 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
  • 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 £315 million, 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 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.