Virgin Money is making further adjustments to its mortgage pricing this week, with rate reductions across a wide selection of residential and buy-to-let products, effective from Thursday 17 April.

The latest changes include cuts of up to 0.20% on selected fixed rates, alongside the reintroduction of free basic valuations on all new residential and buy-to-let purchase applications. Cashback has also been removed from selected purchase fixed rates.

Among the headline reductions, the lender is trimming rates on its exclusive purchase range, with 80% loan-to-value (LTV) 2-year fixed products falling by up to 0.09%, starting from 4.33%. Rates on selected Fix and Switch products will reduce by as much as 0.11%, beginning at 4.79%.

LARGER LOANS

Larger loan products at 75% LTV, for loan sizes above £1 million, will see 2- and 5-year fixed rates fall by up to 0.15%, with a free valuation now included as standard. Similar reductions apply to Virgin’s Own New range, and its Retrofit Boost 5-year fixed rate with a £995 fee is being lowered by 0.02%.

CORE CHANGES

Virgin Money’s core residential purchase range is also being revised, with fixed rates across 65% to 90% LTV bands cut by up to 0.15%. The 95% LTV 2-year fixed fee-saver is reducing by 0.06%, now priced at 5.24%. Green fixed rate products are also benefiting from reductions of up to 0.15%.

Shared Ownership rates are being reduced by as much as 0.13%, starting from 4.33%, while the Retrofit Boost product is also seeing a minor cut in the exclusive remortgage range.

BUY-TO-LET

On the buy-to-let side, the lender is applying a reduction of 0.05% to 60% and 75% LTV 2-year fixed rates with a £2,195 fee, now starting at 4.21%. Products with a 3% fee at the same LTV tiers will see reductions of up to 0.17%, starting from 3.32%. Virgin’s 80% LTV 2- and 5-year fixed rates with a 1% fee are dropping by 0.20%, beginning at 4.80%, and its 5-year fixed rate with a £995 fee is also falling by 0.20% to 4.89%.

The lender confirmed that a free basic valuation is now included on all new residential and buy-to-let purchase products, enhancing value for buyers amid persistent affordability pressures.

WITHDRAWALS

However, the lender is also withdrawing several products as part of the reshuffle. These include flexible tracker rates with £995 fees at 65%, 75% and 85% LTV in the product transfer range.

Brokers intending to secure any of the current products before the changes take effect have been advised to submit applications by 8pm today.