Virgin Money has announced changes to its mortgage range, which include selected residential mortgage products being reduced by 0.36 per cent and selected buy-to-let products being reduced by up to 0.35 per cent.
The new product range is available from today (2 December).
Key residential mortgage product changes include the firm’s two-year fixed rate at 90 per cent loan-to-value is reduced by 0.15 per cent to 2.99 per cent with no product fee and £300 cashback.
The three-year fixed rate at 85 per cent LTV has been reduced by 0.36 per cent to 2.99 per cent with no product fee.
For the three-year fixed rate at 90 per cent LTV, reductions of 0.35 per cent have been made to make the rate 2.78 per cent with a £995 product fee, £300 cashback for purchases and £500 for first-time buyers.
The five-year fixed rate deal at 90 per cent LTV has been reduced by 0.16 per cent to 3.29 per cent with a £995 product fee, £300 cashback for purchases and £500 for first-time buyers.
In the buy-to-let arena, two-year fixed rates at 75 per cent LTV have been reduced by up to 0.3 per cent and start from 2.59 per cent; two-year fixed rates at 60 per cent LTV have been reduced by 0.35 per cent to 2.34 per cent (£995 product fee, £750 cashback); and two-year fixed rates at 60 per cent LTV have been reduced by 0.30 per cent to 1.99 per cent (£1,995 product fee, £750 cashback).
Finally, the five-year fixed rate for buy-to-let at 60 per cent LTV has been reduced by 0.24 per cent to 3.15 per cent (£1,995 product fee, £750 cashback).
David Hollingworth, associate director for communications at London & Country Mortgages, said: “Virgin Money shows that it has no desire to take it’s foot off the gas in December. These rate cuts also show how lenders are increasingly competing at higher LTV.
“In addition to cutting the rate Virgin Money also offers some string cashback incentives to improve the overall product value.”
ruth.gillbe@ft.com
