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Virgin Money launches new mortgages and cuts rates

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Written by: Anna Sagar
09/09/2021
The lender has introduced new buy-to-let deals and greener shared ownership products
Virgin Money launches new mortgages and cuts rates

Virgin Money has increased the maximum loan to value of its greener shared ownership mortgage available to 90 per cent and released buy-to-let deals at 65 per cent LTV.

The greener shared ownership mortgage is a two-year fixed rate with an interest rate of 2.24 per cent and comes with a £995 fee.

The exclusive buy-to-let products include a two-year fixed rate at 65 per cent LTV at 1.46 per cent, and a five-year fixed rate at 1.67 per cent. Both come with an £895 fee.

The lender has cut rates on select residential products between 85 and 95 per cent LTV by as much as 0.27 percentage points.

Its two-year fixed rate fee-saver at 85 per cent LTV will now have a rate of 1.89 per cent, down from 2.16 per cent, whilst its equivalent five-year fixed rate has fallen by 0.14 percentage points to 2.29 per cent.

Its five-year fixed rate at 90 per cent LTV has been reduced from 2.78 per cent to 2.62 per cent and comes with a £995 fee, while its two-year fixed rate fee-saver at 95 per cent LTV has fallen by 0.16 per cent to 3.12 per cent.

In Virgin’s core buy-to-let range select products have fallen by 0.3 percentage points, with its two-year fixed rate moving from 1.53 per cent to 1.35 per cent. It comes with a product fee of £1,995.

The lender also confirmed rates for select exclusive purchase deals with £1,000 cashback would be cut, with its two-year fixed rate at 95 per cent LTV standing at 1.63 per cent, down from 1.83 per cent, whilst its equivalent five-year fixed rate has decreased by 0.14 percentage points to 2.11 per cent. Both come with a £1,495 fee.

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