The revised products will be available from Friday 15 August 2014.
Peter Rogerson, Virgin Money’s savings and mortgages director, said: “We’re delighted to announce these rate reductions and increase the competitiveness of our mortgage range for our customers, while retaining our offer of £500 cashback across the entire buy-to-let range.”
Key Points
• 2-year buy-to-let fixed rates reduced by up to 0.80%
• 5-year buy-to-let fixed rates reduced by up to 0.50%
• 2-year buy-to-let trackers reduced by up to 0.40%
2-year fixed rates
• 3.10% up to 75% LTV (£1,995 product fee) – a reduction of 0.25%
• 3.58% up to 75% LTV (£995 product fee) – a reduction of 0.26%
• 3.95% up to 70% LTV (no product fee) – a reduction of 0.79%
• 4.24% up to 75% LTV (no product fee) – a reduction of 0.80%
3-year fixed rates
• 3.44% up to 70% LTV (£1,995 product fee) – a reduction of 0.24%
• 3.89% up to 70% LTV (£995 product fee) – a reduction of 0.26%
• 4.39% up to 70% LTV (no product fee) – a reduction of 0.45%
5-year fixed rates
• 4.29% up to 75% LTV (£1,995 product fee) – a reduction of 0.19%
• 4.49% up to 75% LTV (£995 product fee) – a reduction of 0.29%
• 4.34% up to 60% LTV (no product fee) – a reduction of 0.30%
• 4.44% up to 70% LTV (no product fee) – a reduction of 0.50%
2-year trackers
• 2.59% up to 70% LTV (£995 product fee) – a reduction of 0.16%
• 2.29% up to 60% LTV (2.5% product fee) – a reduction of 0.40%
Virgin Money has also announced some changes across its residential mortgage range.
2-year tracker
• 1.75% up to 70% (£995 product fee) – a reduction of 0.10%
2-year ‘Freedom to Fix’ tracker
• 1.85% up to 70% (£995 product fee) – a reduction of 0.10%
• Its ‘Freedom to Fix’ products allow customers to switch to a fixed rate during the tracker period without incurring an early repayment charge
