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Virgin Money cuts rates and launches purchase and remortgage products

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  • 28/07/2021
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Virgin Money cuts rates and launches purchase and remortgage products
Virgin Money has brought out multiple purchase and remortgage products and reduced rates on select residential and buy-to-let (BTL) products by up to 0.61 per cent.

 

The lender has brought out three remortgage exclusives, including two five-year fixed rates and one two-year fixed rate.

The rate for its five-year fixed rate remortgage product at 75 per cent loan to value (LTV) starts at 1.29 per cent, whilst the five-year fixed rate remortgage product at 80 per cent LTV has a rate of 1.95 per cent.

The two-year fixed rate remortgage product at 80 per cent LTV has a rate of 1.64 per cent.

The purchase exclusive, which comes with £1,000 cashback, is available on both a two-year and five-year fixed rate at 85 per cent LTV.

The two-year fixed has a rate of 1.93 per cent, whilst the five-year fixed rate starts from 2.33 per cent.

The lender has cut the rates on its two and five-year fixed rate purchase product at 80 per cent LTV by 0.16 per cent, with its two-year fixed rate pegged at 1.77 per cent and its five-year fixed rate now standing at 1.99 per cent.

Virgin Money has also made a range of cuts to its core residential, shared ownership and BTL range.

In its core residential range its five-year fixed rate at 90 per cent LTV with no fee has been cut by 0.58 per cent to 3.04 per cent. Its equivalent no fee product has gone down by 0.47 per cent to 2.94 per cent.

Its two-year fixed rate at 95 per cent LTV with no fee has been reduced by 0.2 per cent to 3.38 per cent, whilst its two-year fixed rate at 90 per cent LTV has fallen by 0.4 per cent to 2.39 per cent. Both products are subject to a £995 fee.

On the shared ownership side, its five-year fixed rate at 85 per cent LTV has fallen from 3.6 per cent to 2.99 per cent. Its five-year fixed rate at 90 per cent LTV has gone from 3.71 per cent to 3.39 per cent.

The lender has reduced the rates for its BTL products by up to 0.3 per cent, with its two-year fixed rate at 80 per cent LTV decreasing from 3.29 per cent to 2.99 per cent.

Its five-year fixed rate BTL product at 80 per cent LTV has been cut by 0.17 per cent to 3.18 per cent, whilst its five-year fixed rate at 75 per cent LTV has fallen by 0.1 per cent to 1.99 per cent.

The above trio of BTL products are subject to a £995 fee.

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