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Virgin unveils three new products and cuts rates

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Written by: Liz Bury
17/06/2021
The lender has added new products as well as cutting rates across the board
Virgin unveils three new products and cuts rates

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.

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