Virgin Money and The Mortgage Works lowers pricing for residential and BTL loans
Virgin Money and The Mortgage Works – both part of Nationwide – have announced rate reductions across a range of mortgage products, effective today, October 3.
For purchase customers, Virgin Money’s rate cuts include up to 25 basis points (bps) off 85% loan-to-value (LTV) core two- and five-year fixed rates, starting from 4.19%. The 90% LTV core rates will be reduced by up to 10bps, with rates starting at 4.49%.
In addition, 95% LTV core two-year fixed rates will see a 5bps decrease, bringing the rate to 5.53%. Other cuts include selected fee-saver and shared ownership products, with reductions of up to 23bps, and selected Fix and Switch rates, which now start at 4.70%. Remortgage rates are also being reduced by up to 10bps, with rates starting from 4.75%.
Virgin Money recently announced its acquisition by Nationwide, a deal expected to make the latter the second-largest mortgage provider in the UK.
Meanwhile, The Mortgage Works – Nationwide’s buy-to-let mortgage lender – has also lowered rates on its BTL products for both new and existing customers.
Notable reductions include a two-year fixed remortgage rate at 3.59% with a 3% fee, available up to 65% LTV, reduced by 25bps. A similar two-year product with a £3,995 fee has seen a 55bps reduction, bringing the rate to 3.84%. Five-year fixed remortgage rates at up to 75% LTV has also been lowered by 10bps, now starting at 3.79%.
“We are making further rate cuts to ensure that The Mortgage Works continues to be front of mind for new and existing customers when they are coming to the end of their current deal,” said Joe Avarne (pictured), senior manager at The Mortgage Works.
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