Virgin Money adds broker exclusive remortgage deals and applies multiple rate cuts

Virgin Money adds broker exclusive remortgage deals and applies multiple rate cuts

 

The new, exclusive two-year fixed remortgage products included a 1.04 per cent rate, at 65 per cent loan to value (LTV), with a fee of £1,495, free valuation and £500 cashback.

Additionally, the lender added an exclusive two-year fixed remortgage rate at 1.05 per cent, on 75 per cent LTV, with £1,495 fee and free valuation and legals.

Also in broker exclusive offers, rates were cut on the £1,000 cashback range for purchase. The highlight was a 19 basis points (bps) reduction, to 1.58 per cent, on the two-year fixed at 80 per cent LTV, with £995 fee.

 

Resi, Greener, Help to Buy, BTL

Rate cuts swept across the product ranges, fixed rate terms and LTV tiers.

At 95 per cent LTV, the two and three-year fee-saver fixed rates were cut by 10 bps to 3.28 per cent.

The five-year fixed fee-saver at 95 per cent LTV was lowered by 13 bps to 3.44 per cent.

Rates were cut on the Greener residential products, including a 63 bps reduction, to 1.15 per cent, on the two-year fixed at 75 per cent LTV with £995 fee.

The deepest cut on the Help to Buy roster was 93 bps to 1.88 per cent, on the two-year fixed fee-saver at 75 per cent LTV.

On the Help to Buy Greener two-year fixed, the rate was lowered by 76 bps to 1.35 per cent, with £995 fee, at 75 LTV.

In buy-to-let (BTL), rates were trimmed, with, for example, a cut of 8 bps to 1.64 per cent on the two-year fixed at 75 per cent LTV, with £995 fee. The same cut applied to the portfolio BTL two-year fixed at 75 per cent LTV, bringing it to 1.74 per cent, with £995 fee.

 

Product transfer

Rate cuts were applied to product transfers across the LTV tiers. These included, in core residential, 58 bps shaved off the three-year fixed at 90 per cent LTV, giving a rate of 2.39 per cent, with £995 fee. They included cuts at 95 per cent, such as the 13 bps reduction to the five-year fixed rate fee-saver, to 3.44 per cent.

Highlights of cuts on Help to Buy and BTL product transfers included a 43 bps reduction to 1.88 per cent on the Help to Buy two-year fixed fee-saver at 75 per cent LTV.

On BTL, the biggest cut was on the five-year fixed at 60 per cent LTV, with a £995 fee, which was lowered by nine bps to 1.65 per cent.

The new products and rate changes are available from today.