Mortgages  

Launch Pad: Mortgages

Two high-street mortgage lenders - Virgin Money and Nationwide - have upgraded their rates, with both offering up to 90 per cent LTV and cutting rates by roughly 0.25 percentage points.

Key features: Virgin Money

Two-year fix at 4.29 per cent for 90 per cent LTV, with a fee of £995

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Two-year fix at 2.29 per cent for 75 per cent LTV, with a fee of £995

Two-year tracker at 1.89 per cent up to 70 LTV, with a fee of £995

Three-year fix at 2.59 per cent up to 70 per cent, with no fee

Five-year fix at 3.19 per cent up to 70 per cent with no fee

Key features: Nationwide

Products have a £99 non-refundable booking fee, and a product fee of £900, with first-time buyers paying a reduced product fee of £400.

3.99% two-year fixed rate up to 90% LTV

3.24% two-year fixed rate up to 85% LTV with £900 product

2.79% two-year fixed rate up to 80% LTV with £900 product

3.09% three-year fixed rate up to 80% LTV with £900 product fee

Adviser verdict

Kusal Ariyawansa, chartered and certified financial planner for Manchester-based Appleton Private Wealth Management, said: “Virgin Money to me represents poor value for money, and hints at brand loyalty/lethargy above common sense. While, in my view, the Nationwide products appear much better than those from Virgin.”