It also announces rate reductions on select Clydesdale products
Virgin Money has launched new products, including new remortgage deals, and reduced rates on selected offerings.
The lender’s new remortgage exclusives – available for seven days from today until 8pm on Thursday, August 17 – with £1,495 fee and £750 cashback are offered at 65% and 80% loan-to-value (LTV), two- and five-year fixes, with rates from 5.60%.
New buy-to-let remortgage exclusives of two- and five-year fixes with £2,195 fee, free valuation and free legals are also available at 50%, 60%, and 70% LTV, with rates starting at 5.32%.
Virgin Money has also reduced the rates of its 50% LTV two-year fix BTL remortgage exclusive with £2,195 fee by 0.14% to 5.76% and the 60% LTV option by 0.10% to 5.85%.
On purchase exclusives with free valuation, the lender has slashed all fixed rates with £1,295 fee by up to 0.16%, starting from 5.23%. Selected fixed rates at 65% to 85% LTV on the product transfer range was also reduced by up to 0.11%, starting at 5.52%.
All five-year fixed rates with £1,495 fee on the purchase exclusives with free valuation range was withdrawn.
More details on the latest Virgin Money product changes can be accessed online through the lender’s latest product update announcement.
Meanwhile, Virgin Money has also announced rate cuts on a number of Clydesdale Bank mortgage products.
On Clydesdale’s exclusive purchase deals, the 90% LTV two-year fixed rate was reduced by 0.06% to 6.14%, while the five-year fixed rate was lowered by 0.10% to 5.65%. These deals are available for loan sizes between £300,000 and £600,000.
Exclusive large loan deals – available for loan sizes between £1 million and £2 million – had its 65% and 75% LTV two- and five-year fixed rates reduced by up to 0.10%, starting at 5.60%.
For new and existing customer products, Clydesdale’s professional 85% and 90% LTV two-year fixed rates were slashed by up to 0.25%, starting from 6.60%, while the five-year fix options had their rates reduced by up to 0.20%, starting from 5.90%. Selected 65% and 75% LTV two-year fixed rates was lowered by up to 0.07%, while their five-year counterparts had their rates reduced by up to 0.10%.
“This latest rate cut from Virgin is a further indicator that we are now seeing the start of a price war, both in the residential and buy-to-let markets, and it will be very welcome news for those homeowners and landlords due to remortgage in the next six to 12 months,” commented Ben Tadd, director at Lucra Mortgages.
“Although not quite market-leading, the new rates are very competitive versus the majority of other products currently available, and will only help to provide further impetus for other lenders to follow suit and slash their rates to grab their slice of market share too.”
Graham Cox, founder of Self Employed Mortgage Hub, said this was more evidence the tide has turned on the mortgage front, with lenders falling over themselves to slash rates this week.
“Very welcome news indeed,” he remarked. “A lot of the major lenders have been working at under-capacity for several months now, and this flash sale would appear to be Virgin’s way of getting business in quickly.”
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