It launches new Rate Reducer and Fix and Switch rates
Virgin Money has made changes to its mortgage portfolio, introducing new Rate Reducer and Fix and Switch rates.
Exclusive purchase options were launched for the new Rate Reducer, featuring a £495 fee and a 5% incentive, alongside a range of two- and five-year fixed rates at various loan-to-value (LTV) percentages, each accompanied by £250 cashback.
The new offerings cover 85% to 90% LTV for two-year fixed rates, with interest rates ranging from 2.40% to 2.76%, and for five-year fixed rates, from 3.62% to 4.16%.
Virgin Money also introduced an exclusive purchase - Own New Rate Reducer with a £995 fee and a 3% incentive, including new LTV rates for both two-year and five-year fixed terms, also providing £250 cashback. These products cater to accredited brokers working with applicable new-build properties, with further details available on Own New’s Broker Hub.
For buy-to-let purchases and remortgages, Virgin Money offers a Fix and Switch fee-saver with a two-year early repayment charge, introducing new five-year fixed rates at 60% LTV at 5.39% and 75% LTV at 5.49%. An alternative Fix and Switch option with a £1,495 fee and a two-year ERC features rates of 4.89% for 60% LTV and 5.04% for 75% LTV.
Virgin Money also made rate adjustments on certain products, including a 0.06% increase in the 90% LTV Purchase Exclusive Fix and Switch rate, a 0.05% hike in fee-saver rates for 90% & 95% LTV purchases, and increases in 70% LTV remortgage exclusive rates and selected 95% LTV purchase fixed rate fee-savers.
“As part of our innovative Rate Reducer range, it is great news that we are launching a new 3% incentive option as well as broadening the LTV options,” said Craig Calder, head of secured lending at Virgin Money. “We are also expanding Fix and Switch to buy-to-let customers.
“As a creative lender, we’re always looking at new and inventive ways in which we can assist borrowers, and the latest evolution of the Rate Reducer and Fix and Switch offers just that.”
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