Mortgages  

Virgin Money cuts residential and buy-to-let rates

Reductions have been made to rates across the Virgin Money core mortgage range and intermediary exclusive products.

A two-year fixed rate is now available at 90 per cent loan-to-value at 3.89 per cent with no product fee – a reduction of 0.26 per cent.

There is also a three-year fixed rate available at 90 per cent LTV at 4.49 per cent with no product fee - a reduction of 0.19 per cent - a five-year fixed rate at 70 per cent LTV at 2.99 per cent, with a £995 product fee, and a two-year tracker at 70 per cent LTV at 1.65 per cent with a £995 product fee.

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The key changes to intermediary exclusive products are a reduction of 0.19 per cent to the residential two-year fixed rate at 60 per cent LTV with a £995 product fee which is now at 1.89 per cent.

Other changes to intermediary exclusive products are a 0.15 per cent cut to the residential three-year fixed rate at 60 per cent LTV to 2.39 per cent, with a £995 product fee, plus a buy-to-let two-year fixed rate at 60 per cent LTV at 2.58 per cent with a £1,995 product fee and a buy-to-let two-year fixed rate at 70 per cent LTV at 2.69 per cent with a £1,995 product fee.

On larger loan exclusive products there is now a two-year fixed rate at 60 per cent LTV at 1.79 per cent with a £1,995 product fee – a reduction of 0.15 per cent - and a three-year fixed rate at 60 per cent LTV at 2.29 per cent with a £1,495 product fee - a reduction of 0.16 per cent.

There is also a four-year fixed rate at 60 per cent LTV at 2.78 per cent with a £995 product fee, and a five-year fixed rate at 60 per cent LTV at 2.79 per cent with a £1,495 product fee – a reduction of 0.2 per cent.

The larger loan exclusive products are available on loans between £150,000 and £1m.

Peter Rogerson, savings and mortgages director of Virgin Money, said: “The reductions we have made across our mortgage range are great news for borrowers and demonstrate our commitment to providing our intermediary partners with great deals.

“They help a range of customers from those with larger deposits to those looking to get their first foot on the housing ladder.”

The intermediary exclusive range will be available for a limited period only, through all intermediaries registered with a Virgin Money national account.