Five-year fixes now available at rates below 4%
Virgin Money has announced a series of rate reductions across its fixed rate mortgage products, effective from today, August 13, with a couple of five-year fixes now available at sub-4% rates.
The changes impact a range of purchase and remortgage options, with rate cuts of up to 0.29%.
For purchase mortgages with £300 cashback, the lender has reduced rates on two- and five-year fixed rate products, including a 0.24% cut on the 65% loan-to-value (LTV) two-year fixed rate mortgage with a £995 fee, bringing the rate down to 4.43%.
The 75% LTV two-year option with the same fee also saw a 0.29% reduction, matching the 4.43% rate. Meanwhile, five-year fixed rates at 65% and 75% LTV dropped by 0.21% to 3.99%.
Fee-saver options also had rate reductions, with the 65% and 75% LTV two-year fixed rates lowered by 0.23% and 0.28%, respectively, to 4.68%. Five-year fee-saver rates at 65% and 75% LTV were cut by 0.18%, bringing them down to 4.14%.
Virgin Money’s exclusive purchase products, also with £300 cashback, had rate cuts of up to 0.15%. The 80% LTV two-year fixed-rate mortgage with an £895 fee has been reduced by 0.12% to 4.71%, while the five-year equivalent dropped to 4.32%.
In the remortgage segment, the lender slashed rates across several exclusive products. The 60% LTV two-year fixed rate mortgage with a £995 fee has been reduced by 0.19% to 4.40%. The 80% LTV two-year option saw a 0.20% reduction, bringing the rate down to 4.95%. Five-year fixed rates for remortgages also had rate cuts, with the 60% LTV product falling by 0.17% to 4.06%.
Fee-saver remortgage products had similar reductions, with the 60% LTV two-year fixed rate dropping by 0.18% to 4.77%, while the 80% LTV equivalent fell by 0.28% to 5.26%. Five-year fee-saver rates also decreased, with the 60% LTV option down by 0.18% to 4.16%.
Selected core remortgage fixed rates were reduced by up to 0.20%, with rates starting from 4.12%, while the 75% LTV Retrofit Boost five-year fixed rate was lowered by 0.21% to 4.29%.
Other rate adjustments from Virgin Money include a 0.10% increase on the 90% LTV five-year purchase fee-saver, bringing the rate to 4.99%.
The lender’s current rates, reflecting the latest changes, can be accessed online through its updated product guide.
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