Virgin Money has announced that a series of mortgage rate reductions will take effect from Thursday 13 February, with rates cut across purchase, buy-to-let, and product transfer products.
The changes include reductions of up to 10 basis points (bps) on selected fixed-rate products, with end dates moving to 1 May of the relevant year.
PURCHASE RATE REDUCTIONS
Rates on high loan-to-value (LTV) products will see reductions of up to 7bps. New rates include:
- 90% and 95% LTV Fix and Switch products reduced by up to 7bps, starting from 5.32%.
- 90% LTV two- and five-year fixed rates reduced by up to 7bps, starting from 4.88%.
- 95% LTV two- and five-year fixed rates reduced by up to 7bps, starting from 5.24%.
- 90% LTV Own New rates reduced by up to 6bps, starting from 2.40%.
BUY-TO-LET RATE REDUCTIONS
Selected buy-to-let products will also see reductions of up to 10bps, including:
- Fix and Switch rates reduced by up to 10bps, starting from 5.10%.
- Two- and five-year fixed rates with a 1% fee reduced by up to 10bps, starting from 4.39%.
- Two-year fixed rates with a £995 fee reduced by up to 10bps, starting from 4.79%.
- 75% LTV two-year fixed fee-saver rate reduced by 5bps, now at 5.23%.
PRODUCT TRANSFER RATE REDUCTIONS
For existing borrowers looking to switch, product transfer rates will also be lowered:
- Selected 65% LTV two- and three-year fixed rates reduced by up to 6bps, starting from 4.26%.
- 65% LTV five-year fixed rates reduced by up to 10bps, starting from 4.19%.
- Selected buy-to-let two- and three-year fixed rates reduced by up to 10bps, starting from 4.30%.
PRODUCT WITHDRAWALS
Alongside these rate reductions, two exclusive buy-to-let products have been withdrawn:
- 60% LTV Fix and Switch with a £495 fee.
- 75% LTV Fix and Switch with a £495 fee.
