Virgin Money has announced a series of reductions across its purchase and remortgage ranges.
In its purchase range, exclusive 80% LTV fee-savers have reduced by up to 0.14%, now starting from 4.26%.
85% LTV core two and five-year rates have decreased by up to 0.25%, starting from 4.19%, 90% LTV rates by up to 0.10%, now available from 4.49%, and 95% LTV rates by up to 5bps, starting at 5.53%.
Selected Fix and Switch rates have reduced by up to 0.23%, starting from 4.70%. Fix and Switch offers customers the security of a five-year fixed rate with the flexibility of being able to switch to another product with no early repayment charge after just two years.
Shared ownership rates are now available from 4.12%, while Own New Rate Reducer products have reduced by up to 0.17% and now start from 1.66%. The Rate Reducer mortgage is designed to lower interest rates and reduce monthly repayments for the initial fixed rate term. The scheme uses the incentives offered by housebuilders and offsets them against mortgage interest, reducing the buyer’s monthly mortgage payments.
In addition, an 85% LTV five-year fixed rate Retrofit Boost mortgage will be reduced by 0.10%, to 4.44%. The Retrofit Boost is a new mortgage product designed to help borrowers improve their property’s energy efficiency, offering up to £15,000 cashback.
In Virgin's remortgage range, Fix and Switch rates have decreased by up to 10bps and now start from 4.75%, while exclusive 80% LTV rates now start from 4.41% and an 85% LTV five-year Retrofit Boost rate is also available at 4.44%.
