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Virgin Money Reduces Selected Mortgage Rates

05/10/2016

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.

  • Selected two, three and five-year residential and buy-to-let fixed rates cut by up to 0.60%
  • £300 cashback introduced on selected fixed rates for purchase customers at lower LTVs

Virgin Money has updated its mortgage range with a number of rate reductions on residential and buy-to-let products. A new cashback incentive has also been launched for purchase customers on selected two, three and five-year fixed rates.

The new products are available from today, Tuesday 4 October.

Key changes to residential three-year fixed rates:

  • Three-year fixed rate up to 70% LTV reduced to 1.79% (£995 product fee, £300 cashback for purchases)
  • Three-year fixed rate up to 75% LTV reduced to 1.84% (£995 product fee, £300 cashback for purchases)
  • Three-year fixed rate up to 80% LTV reduced to 1.89% (£995 product fee, £300 cashback for purchases)

Key changes to residential five-year fixed rates:

  • Five-year fixed rate up to 65% LTV reduced to 2.18% (No product fee)
  • Five-year fixed rate up to 85% LTV reduced to 3.19% (No product fee)
  • Five-year fixed rate up to 95% LTV reduced to 4.19% (No product fee, £300 cashback for purchases)

Key changes to buy-to-let rates:

  • Two-year fixed rate up to 70% LTV reduced to 2.09% (£1,995 product fee, £500 cashback)
  • Five-year fixed rate up to 70% LTV reduced to 3.24% (£995 product fee, £500 cashback)
  • Two-year tracker rate up to 75% LTV reduced to 2.29% (£995 product fee, £500 cashback)

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "The reductions we have made to our range ensure that we continue to offer attractive options for purchase and remortgage customers looking for residential and buy-to-let loans at a range of different deposit levels. We think these products will be well-received by the market which remains upbeat, as reflected in our recent poll of intermediaries where nearly 80% said they expect the mortgage market to grow in 2017."


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.

Intermediary Poll

Poll of 139 intermediaries entering the Virgin Money online Exchange between 19 September and 23 September.

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to over 3 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 11,500 charities have registered with Virgin Money Giving and, by the end of June 2016, over £475 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £15 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 Holdings (UK) plc - Registered in England and Wales (Company No. 03087587). Registered Office: Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.