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Virgin Money reduces selected buy-to-let and residential mortgage rates

18/03/2016

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.

  • Selected buy-to-let rates reduced, now starting from 1.95% at 50% LTV
  • Residential five-year fixed rates reduced, now starting from 2.24% at 65% LTV
  • Buy-to-let application fee continues to be waived for a limited period

Virgin Money has made a number of rate reductions on selected products across its buy-to-let and core residential mortgage ranges. It is also continuing to waive its £99 buy-to-let application fee for a limited period.

All products are available from Friday 18 March.

Key changes to the core buy-to-let product range

  • Two-year fixed rate at 75% LTV at 2.38% (£1,995 product fee, £500 cashback)
  • Five-year fixed rate at 60% LTV at 3.19% (£995 product fee, £500 cashback)

Key changes to the intermediary exclusive buy-to-let product range

  • Two-year fixed rate at 50% LTV at 1.95% (remortgage only, £1,995 product fee, £500 cashback)
  • Two-year fixed rate at 60% LTV at 2.19% (£995 product fee, £500 cashback)
  • Five-year fixed rate at 50% LTV at 2.89% (remortgage only, £1,995 product fee, £500 cashback)
  • Five year fixed-rate at 60% LTV at 2.99% (£1,995 product fee, £500 cashback)

Key changes to the core residential product range

  • Five-year fixed rate at 65% LTV at 2.24% (£995 product fee)
  • Five-year fixed rate at 65% LTV at 2.54% (No product fee)

Intermediary exclusive products are available through all intermediaries registered with Virgin Money.

Peter Rogerson, Virgin Money's Commercial Director for Mortgages , said: "We’re delighted to introduce the latest update to our mortgage range to continue supporting both residential borrowers and landlords. The market has been in good shape so far in 2016 and we remain committed to supporting customers and mortgage brokers with a strong product set and service proposition."

Virgin Money has also made changes to other selected products and full details of the mortgage product 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.

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 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.