Virgin Money  

Virgin Money cuts mortgage rates

Virgin Money cuts mortgage rates
 Credit: Chris Ratcliffe/Bloomberg

Virgin Money has made several reductions to its range of residential and buy-to-let mortgage products, which are effective from today.

The lender's BTL products saw the biggest cuts at 0.12 percentage points across the range.

The two-year fixed rate 60 per cent loan-to-value is now offered at 1.82 per cent, while 75 per cent LTV costs 1.87 per cent. Both come with a £995 fee. The BTL portfolio products are offered at 0.1 percentage points higher.

Its intermediary purchase £1000 cashback range has been reduced by 0.05 percentage points to 3.18 per cent for the 90 per cent LTV two-year fix. 

The lender also launched a five-year fixed rate at 2.79 per cent at 85 per cent LTV.

In its core residential range the two-year fixed rate 85 per cent LTV with a £995 fee has been reduced by 0.06 percentage points to 2.48 per cent, and 2.77 per cent for the fee saver product.

Additionally, the three-year fixed rate 85 per cent loan-to-value with £995 fee has been reduced by 0.04 percentage points to 2.76 per cent.

The five-year fixed rate at 85 per cent LTV now costs 2.76 per cent and the largest loan, the two-year fixed 90 per cent LTV, costs 3.09 per cent. Both come with a £995 fee.

Additionally, the company announced the launch of residential three-year fixed products at the same rate as its two-year deals.

The products are a fixed rate 90 per cent LTV saver at 3.34 per cent and a 85 per cent LTV fee saver at 2.77 per cent.

Ruth Gillbe is a freelance reporter for FTAdviser