Virgin Money teamed up with Own New to offer reduced mortgage rates for new-build customers to make purchases more accessible and affordable.
Virgin Money is bringing out two- and five-year fixed rate own new Rate Reducer deals with £495 fee and five per cent incentive.
Its two-year fixed rate at 85 per cent loan to value (LTV) is 2.4 per cent, and goes up to 2.76 per cent at 90 per cent LTV, and its five-year fixed rate at 85 per cent LTV is priced at 3.62 per cent. They come with £250 cashback.
The lender is also adding own new Rate Reducer products with a £995 fee and three per cent incentive. They all come with £250 cashback.
This includes a two-year fixed rate at 60 per cent LTV at 2.52 per cent, 3.09 per cent at 75 per cent LTV, 3.41 per cent at 85 per cent LTV and 3.71 per cent at 90 per cent LTV.
On the five-year fixed rate side, at 60 per cent LTV the rate is 3.54 per cent, and at 75 per cent LTV this goes up to 3.83 per cent. At 85 per cent LTV, this goes up to 4.02 per cent, and it’s 4.16 per cent at 90 per cent LTV.
These products are for accredited brokers on applicable new-build properties.
Fix and Switch deals added
Virgin Money is also adding an exclusive buy-to-let (BTL) purchase and remortgage Fix and Switch fee-saver with two-year early repayment charge (ERC).
This includes a five-year fixed rate at 60 per cent at 5.39 per cent, and at 75 per cent LTV, this goes up to 5.49 per cent.
The firm is bringing out an exclusive BTL purchase and remortgage Fix and Switch products with £1,495 fee and two-year ERC.
Its five-year fixed rate at 60 per cent LTV is 4.89 per cent, and at 75 per cent LTV, the price is 5.04 per cent.
Virgin Money ups rates
Virgin Money’s purchase exclusive Fix and Switch product at 90 per cent LTV with a £1,495 fee will rise by 0.06 per cent to 5.14 per cent.
Purchase exclusive Fix and Switch fee-savers at 90 and 95 per cent LTV will rise 0.05 per cent, with pricing beginning from 5.42 per cent.
Its remortgage exclusive five-year fixed rates at 70 per cent LTV will go up by 0.1 per cent with rates starting from 4.54 per cent.
Selected 95 per cent LTV purchase fixed rate fee-savers will be increased by up to 0.10 per cent, with rates starting from 5.19 per cent.
Craig Calder (pictured), head of secured lending at Virgin Money, said: “As part of our innovative Rate Reducer range, it is great news that we are launching a new three per cent incentive option as well as broadening the LTV options.
“We are also expanding Fix and Switch to buy-to-let customers. As a creative lender, we’re always looking at new and inventive ways in which we can assist borrowers, and the latest evolution of the Rate Reducer and Fix and Switch offers just that.”
