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Virgin unveils three new products and cuts rates

Christina Hoghton
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Christina Hoghton

The lender has added new products as well as cutting rates across the board

Virgin has unveiled three new mortgage products and a slew of rate cuts across its ranges to take effect from Friday.

The new products include a two-year fixed rate mortgage in the lender’s purchase exclusive £1,000 cashback range, which comes with a rate of 1.28 per cent on mortgages up to 75 per cent of the property’s value, and a £1,495 fee.

There is also a new 80 per cent loan to value (LTV) option in the same range, fixed for two years at 1.93 per cent, with a £995 fee.

Additionally, the lender has cut rates on other two and five-year deals in the range, such as reducing the five-year fixed at 85 per cent LTV by 0.12 per cent to 2.58 per cent.

The other new product announcement was a three-year fixed-rate fee saver deal, with a rate of 3.64 per cent at 95 per cent LTV.

There were further rate cuts of around 0.2 per cent on the core residential range two and three-year fixed products, across the LTV range.

Virgin rate cuts across the range

Virgin’s Greener Mortgage range saw cuts of 0.2 per cent on the two-year fixes at 65 and 75 per cent LTV, both with a fee of £995.

At 85 per cent LTV, a two and a five-year fixed Greener Mortgage were reduced by 0.05 per cent, to 2.23 per cent and 2.53 per cent respectively, both with a £995 fee.

Buy to let (BTL), BTL portfolio and shared ownership mortgages also saw a slew of rate cuts across two and five-year deals.

Meanwhile rate cuts across the lender’s shared ownership range included a 0.44 per cent reduction on the two-year fee saver at 85 per cent LTV, to 2.99 per cent.