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TSB and Virgin Money boost mortgage ranges

  • 08/11/2016
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TSB and Virgin Money boost mortgage ranges
TSB and Virgin Money have boosted their mortgage ranges with the addition of intermediary exclusives, cashback mortgages for first-time buyers, Help to Buy Equity loan products and remortgage deals.

TSB is offering £750 cashback to first-time buyers with fixed rates on new deals starting from 1.84% and a two-year tracker priced at 1.74%. Both mortgages are available up to 60% loan-to-value (LTV). New rates have been added up to 95% LTV.

The bank has reduced rates across its remortgage products, with a ‘best ever’ offer available for borrowers looking to lock in for five years at 1.89% available up to 60% LTV.

Shared ownership customers with a 25% deposit could gain from a reduced rate of 1.74% with a £995 product fee or 2.24% with no product fee, for a two-year fixed rate mortgage.

In October, TSB removed the mortgage application fee from across its residential and buy-to-let mortgage range.

Virgin Money has focused its attention on customers looking to tie in to a two-year fixed rate mortgage, with products exclusive to intermediaries, for a limited period.

For residential borrowers with a substantial deposit, a rate of 1.32% is available up to 65% LTV with a £995 product fee and £300 cashback for purchases.

Those with a 10% deposit can access a rate of 2.24% with a £995 product fee, £300 cashback for purchases and £500 for first-time buyers.

Selected two and five-year Help to Buy Equity Loan fixed rates have been reduced by up to 0.26%.

Earlier this year, Virgin Money launched a national advertising campaign to make consumers aware of the benefits of using a mortgage broker.

Consumers shopping around for a mortgage will be directed to speak to their existing mortgage broker and those without an intermediary will be made aware of a website created by Virgin Money which hosts intermediary contact details.

In July, the bank launched an intermediary product switching service, designed by brokers, which promised to pay a ‘fair and competitive’ procuration fee for retained residential and buy-to-let customers.

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