It reduces rates on its exclusive products
Virgin Money has reduced rates on its exclusive purchase and remortgage products, effective Tuesday, January 31.
The lender’s exclusive purchase deals with free valuation has had its five-year fixed rates with a £1,495 fee reduced by up to 0.14%. The product at 65% loan-to-value (LTV) was cut by 0.11% to 4.17%. The same is also available at 75%, 85%, and 90% LTV with rates slashed by 0.09% to 4.24%, 0.14% to 4.43%, and 0.05 to 4.65%, respectively.
For exclusive purchase deals with a £1,000 cashback and free valuation, the five-year fixed rate with a £995 fee was reduced by 0.11% to 4.34%, while the same at 85% LTV was cut by 0.12% to 4.55%.
Under the range of exclusive remortgage deals with cashback and free valuation, selected two- and five-year fixed rates at 65% to 75% LTV was lowered by up to 0.10%, while five-year buy-to-let fixed rates with a £3,995 fee at 50% and 60% LTV were both cut by 0.20%, with rates now at 4.59% and 4.64% respectively.
Virgin Money’s 75% LTV 10-year fixed rate with a £995 fee was reduced by 0.11% to 3.99%, while its 90% LTV two-year fixes, one with a £995 fee and the other a fee-saver, were lowered by 0.18% to 5.11% and 0.13% to 5.41% respectively.
The lender also made product transfer rate reductions of up to 0.18%, with the rate of its 90% LTV two-year fix with a £995 fee now at 5.06%. Its 65% to 90% LTV two- and three-year fixed rate fee-savers were reduced by up to 0.13%, while the seven-, 10-, and 15-year fixed rate fee-savers at 65% LTV were slashed by 0.10% to 4.19%.
Virgin Money has already made a number of changes to its mortgage rates and lending policy in the months following the mini budget. It also recently introduced product switching on pipeline cases.
The full details of all mortgage products offered by Virgin Money can be found in its latest mortgage update.
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