Virgin Money lowers rates on select products

Virgin Money has made changes to its residential and buy-to-let mortgage range and launched new products, including a range of mortgages for professionals, such as pilots and teachers.

The lender has reduced rates on purchase exclusives by up to 23 basis points (bps), with rates now starting from 4.19%.

Remortgage exclusives with a 1% fee have also been repriced, with rate reductions of up to 25bps. Rates now start from 4.34%.

Rates of buy-to-let exclusives, which now start from 4.32%, have seen cuts of up to 20bps.

Virgin Money has also slashed rates of its £1 million-plus purchase and remortgage exclusives by up to 21bps, now starting from 4.77%.

Meanwhile, reduced by up to 74bps were product transfer residential fixed rates, which now start from 3.92%.

The lender’s current rates, reflecting the latest changes, can be accessed online through its updated product guide.

Meanwhile, Virgin Money has launched new purchase exclusive products with £500 cashback:

• 4.57% two-year fixed rate at 65% LTV with a £1,295 fee
• 4.62% two-year fixed rate at 75% LTV with a £1,295 fee
• 4.97% two-year fixed rate at 90% LTV with a £1,295 fee
• 4.48% five-year fixed rate at 90% LTV with a £1,295 fee
• 4.89% two-year fixed rate fee-saver at 65% LTV
• 4.99% two-year fixed rate fee-saver at 75% LTV
• 5.32% two-year fixed rate fee-saver at 90% LTV
• 4.82% five-year fixed rate fee-saver at 90% LTV

As part of the changes, the lender has withdrawn the following purchase exclusive products with free valuation:

• 5.19% two-year fixed rate at 90% LTV with a £1,295 fee
• 4.71% five-year fixed rate at 90% LTV with a £1,295 fee
• 5.53% two-year fixed rate fee-saver at 90% LTV
• 4.82% five-year fixed rate fee-save at 90%

Also introduced are the following professional purchase and remortgage exclusives:

• 5.22% two-year fixed rate fee-saver at 75% LTV
• 5.77% two-year fixed rate fee-saver at 85% LTV
• 5.85% two-year fixed rate fee-saver at 90% LTV
• 4.90% five-year fixed rate fee-saver at 70% LTV
• 4.99% five-year fixed rate fee-saver at 60% LTV
• 5.15% five-year fixed rate fee-saver at 70% LTV

The professional range targets applicants fully qualified and employed in occupations including: accountant, architect, barrister, chartered surveyor, engineer, financial adviser, medical, pilot, police officer, solicitor, teacher, or veterinarian.

Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.