Mortgage News
Virgin Money slashes rates and drops fees on selected products
Virgin Money has made further cuts to a number of its residential mortgage products and across its intermediary exclusive range.
The lender is waiving the £99 application fee on selected 65%, 70% and 75% loan-to-value (LTV) intermediary exclusives, for a limited period only.
Its intermediary exclusive products are now available to all brokers registered with a Virgin Money national account.
Key changes to its larger loan intermediary exclusive range include reductions to its rates for two-year and five-year fixes down to 1.55% and 2.35%, respectively. These products have a minimum loan size of £150,000.
Further reductions include rate cuts across its general intermediary range:
– Two-year fixed rate at 65% LTV reduced to 1.72%, with a £995 product fee
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– Two-year fixed rate at 75% LTV reduced to 1.88%, with a £995 product fee
– Five-year fixed rate at 65% LTV reduced to 2.43%, with a £995 product fee.
– Two-year fixed rate New Build special at 85% LTV available at 2.54%, with a £995 product fee and £500 cashback
Cuts to Virgin Money’s core residential range and buy-to-let range are also available to brokers. Its core residential two-year fixed rate at 85% LTV will be reduced to 2.59% with a £995 product fee.
Its buy-to-let two-year fixed rate at 60% LTV will be dropped to 2.39% and its five-year fixed rate at 60% LTV will be reduced to 3.55%. Both have a £1,995 product fee and £500 cashback.
Virgin Money mortgage director Peter Rogerson said: “The rate reductions we have announced today continue to reinforce Virgin Money’s commitment to all segments of the mortgage market and to our intermediaries. The improvements we have made will help customers benefit from some of the most competitive deals in the current market.”