Virgin Money  

Virgin Money launches high LTV fixes

Virgin Money launches high LTV fixes

Virgin Money has launched a range of fixed rate mortgages and a number of remortgage-only products, exclusive for intermediaries.

The fixed rate products include two-year fixed rate mortgages at 85 per cent loan to value (LTV) and 90 per cent LTV at 1.92 per cent and 1.94 per cent, respectively. Each of these comes with a £995 fee. 

A further 95 per cent LTV two-year fixed rate at 2.99 per cent has no product fee. 

The range also includes three and five-year fixed rates at 95 per cent LTV at 3.39 per cent with no product fee. 

Exclusive for intermediaries, Virgin Money has launched a two-year fixed rate remortgage at 90 per cent LTV at 2.04 per cent with a £995 product fee, and a two-year fixed rate purchase mortgage at 95% LTV at 3.45 per cent with no product fee. 

This former also offers £500 cashback and a free valuation, while the latter offers £1,000 cashback. 

Virgin Money has also launched a buy-to-let two-year fixed rate remortgage with a 60 per cent LTV at 1.54 per cent with a £2,450 fee. 

The firm is the latest to offer reduced rates on selected high LTV fixed rate mortgages – with others such as Platform, Accord and Skipton Building Society making similar moves since the start of the year. 

Andrew Asaam, director of mortgages at Virgin Money, said: "Over the next six months it is estimated that 185,000 first time buyers will be coming to the end of their current mortgage deal.

"Therefore we are delighted to support these customers who may be switching for the first time or have lower equity in their homes by launching a range of new higher LTV fixed rate products."

Daniel Bailey, principle at Middleton Finance, said: "A number of lenders over the last few weeks have reduced rates and improved incentives for high loan to value mortgages. Virgin is offering some very competitive rates which will appeal to many borrowers. 

"Lenders have a real appetite for lending to borrowers with smaller deposits at the moment. This is good news for borrowers and lenders showing confidence in the stability of the property market."