It launches new products, pulls some, and reduces selected rates
Virgin Money has made changes to its residential and buy-to-let mortgage products, launching new products, reducing selected rates, and withdrawing certain products from the market.
The lender unveiled two new purchase exclusives with free valuation and £1,000 cashback – a 6.60% two-year fixed rate at 90% loan-to-value (LTV) with £495 fee and a 5.63% five-year fix at 85% LTV with £495 fee.
New £1 million-plus purchase exclusives were also introduced – two- and five-year fixed products at 75% LTV, with £1,995 fee, have rates of 6.41% and 5.79% respectively.
Remortgage exclusives with free valuation and £250 cashback now have a two- and five-year fixed rate fee-savers at 60% LTV with rates of 6.36% and 5.54% respectively.
“Virgin Money has launched new purchase products for loans between £1 million to £2 million,” commented Richard Walker, head of intermediary sales at Virgin Money. “For customers requiring a larger loan, our team of BDMs have access to a dedicated underwriting team to help with, or to discuss an application which is complex or doesn’t meet our standard lending criteria.”
Virgin Money also announced rate reductions on purchase exclusives with free valuation. Its 65% and 75% LTV five-year fixes with £1,295 fee were lowered by 0.02%, from 5.21%.
Rates on two- and five-year fixes with £995 fee on the remortgage exclusive range with free valuation and free legals were cut by up to 0.30%. On the lender’s core and product transfer range, selected fixed rates were reduced by up to 0.25%.
Meanwhile, Virgin Money pulled its 70% LTV exclusive remortgage tracker and all new business buy-to-let fixed rate fee-savers from the market.
Full details of all Virgin Money rates, reflecting the latest product changes can be accessed online through this mortgage update.
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