Virgin Money has reduced rates on some of its high loan to value (LTV) fixed rate mortgages and launched a number of intermediary-only exclusive remortgages, which went live today.
The lender launched two-year fixes at 1.92% for a 85% LTV loan with a £995 fee, another at 90% LTV at 1.94% with the same fee and a 95% LTV, fee-free at 2.99%.
The lender is also offering fee-free three and five-year fixes at 95% LTV at 3.39%.
Andrew Asaam, director of mortgages at Virgin Money, (pictured) said: “Over the next six months it is estimated that 185,000 first-time buyers will be coming to the end of their current mortgage deal. Therefore we are delighted to support these customers who may be switching for the first time or have lower equity in their homes by launching a range of new higher LTV fixed rate products.”
Financial research company Smart People research revealed Coventry Building Society and Virgin Money as the best overall mortgage lenders in 2018 as rated by mortgage brokers.
Building societies overall performed best among brokers, with the sector outperforming banks.
In October last year, Clydesdale Banking Group completed a £1.7bn takeover of Virgin Money and Virgin chief executive Jayne-Anne Gadhia stepped down to join the bank as a senior adviser.
The banks will continue to operate as separate brands for the ‘time being.’
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
