Virgin Money has made a number of changes to its residential and buy-to-let mortgage range.
Changes are as follow:
Residential product changes
- Two-year fixed rate at 85% LTV reduced by 0.05 percentage points to 2.34% (£995 product fee, £300 cashback for purchases)
- Three-year fixed rate at 85% LTV reduced by 0.06 percentage points to 2.79% (£995 product fee, £300 cashback for purchases)
- Five-year fixed rate at 85% LTV reduced by 0.09 percentage points to 3.25% (£995 product fee, £300 cashback for purchases)
Buy-to-let product changes
- Two-year fixed rate at 60% LTV reduced from 2.39 percentage points to 2.29% (£1,995 product fee, £500 cashback)
- Two-year tracker rate at 60% LTV reduced from 2.59 percentage points to 2.49% (£995 product fee, £500 cashback)
Intermediary exclusive product changes
- Two-year fixed rate at 65% LTV reduced by 0.10 percentage points to 1.49%, with the product fee reduced from £1,495 to £995
- Virgin Money continues to waive the £99 application fee on this product
- The previous minimum loan amount of £150,000 will be removed
Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “The rate reductions we have announced support both residential and buy-to-let customers, ensuring that we continue to offer attractive options to borrowers across the market.
“The two-year residential fixed rate we have available exclusively through our intermediary partners has been popular, so with the new lower rate, reduced product fee and no application fee, we expect demand for this product to be strong.”