The new purchase and remortgage deals also offer free valuation
Virgin Money has announced the launch of new business products, available from today, July 25.
New five-year fixed rate products for purchase are available at up to 90% loan-to-value (LTV) with a £1,495 fee. The products come with free valuation and rates start from 5.38%.
New exclusive remortgage deals with free valuation and a £500 cashback are also now available, with two- and five-year fixes at 70% LTV having a £1,495 fee and rates that start from 5.59%.
The lender’s current product rates can be accessed online through its mortgage update.
Virgin Money, along with Clydesdale Bank, has recently joined other lenders in supporting the government’s Mortgage Charter, which aims to help residential mortgage customers who are worried about higher mortgage interest rates or are facing financial difficulty.
The lenders, by signing the charter, commit to helping customers through the cost-of-living crisis by allowing those who are up to date with their payments to switch to interest-only payments for six months, and extend their mortgage term to reduce their monthly payments with the option to revert to their original term within six months without an affordability check.
At Virgin Money, mortgage customers can currently apply for a product transfer up to 120 days in advance. If rates reduce before the new deal starts, they can switch to a new rate. At Clydesdale Bank, they can apply for a product transfer up to 180 days before a deal ends.
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