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First-time Buyers

Virgin Money cuts mortgage rates

Paula John
Written By:
Paula John
Posted:
Updated:
23/01/2015

Virgin Money has made further cuts to a number of its residential mortgage products.

The lender is waiving the £99 application fee on selected 65%, 70% and 75% loan-to-value (LTV) deals arranged via advisers, for a limited period only.

Key changes to its larger loan adviser-only range include reductions to its rates for two-year and five-year fixes down to 1.55% and 2.35%, respectively. These products have a minimum loan size of £150,000.

Further reductions include rate cuts across its general range of deals:

– Two-year fixed rate at 65% LTV reduced to 1.72%, with a £995 fee

– Two-year fixed rate at 75% LTV reduced to 1.88%, with a £995  fee

– Five-year fixed rate at 65% LTV reduced to 2.43%, with a £995  fee.

– Two-year fixed rate New Build special at 85% LTV available at 2.54%, with a £995 product fee and £500 cashback

Cuts to Virgin Money’s core residential range and buy-to-let range are also available via mortgage advisers. Its two-year fixed rate at 85% LTV will be reduced to 2.59% with a £995 fee.

Its buy-to-let two-year fixed rate at 60% LTV will be dropped to 2.39% and its five-year fixed rate at 60% LTV will be reduced to 3.55%. Both have a £1,995  fee and £500 cashback.

Virgin Money mortgage director Peter Rogerson said: “The rate reductions we have announced today continue to reinforce Virgin Money’s commitment to all segments of the mortgage market. The improvements we have made will help customers benefit from some of the most competitive deals in the current market.”


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