Virgin Money is reducing a wide range of mortgage rates this week, with changes taking effect from Thursday 6 November.
The lender will cut selected fixed-rate products across its purchase, remortgage, product transfer and buy-to-let ranges, with reductions of up to 0.33 percentage points.
In the exclusive purchase range, two and five-year fixed rates will fall by as much as 0.21% at 75% loan-to-value, starting from 3.83%, and by up to 0.16% at 80% LTV, starting from 3.93%. The 85% LTV five-year fixed rate with a £895 fee will reduce by 0.12% to 4.17%, while 90% LTV fee-saver products will also fall by up to 0.12%.
Selected Own New and Retrofit Boost fixed rates will drop by up to 0.33% and 0.26% respectively.
Across Virgin Money’s core purchase range, two-year fixed rates with a £999 fee will start from 3.96%, down by up to 0.26%. Fee-saver versions will see cuts of up to 0.29%, starting from 4.21%. Five-year fixed rates with a £999 fee will now begin at 4.07%, down by 0.20%, while 10-year fee-saver products will be reduced to 4.62%.
Shared ownership products are also being repriced, with cuts of up to 0.30% on two-year fixes and 0.16% on five-year deals.
Remortgage customers will also benefit, with two-year fixed rates falling by as much as 0.25% to start from 3.84%, and five-year fixed rates with a £999 fee dropping to 3.92%. 10-year fee-saver rates are being reduced by 0.18% to 4.54%.
Virgin Money’s buy-to-let range is also being repriced, with cuts of up to 0.15% across selected two and five-year products. Rates will start from 3.97% on deals with either a £2,195 fee or a 1% fee, and from 4.21% on products with a £995 fee. Fee-saver options will start from 4.49%.
Product transfer customers will also see reductions of up to 0.25%, with two-year rates starting from 3.69% and five-year fixes from 3.76%. 10-year fixed rates will drop to 4.39%, while buy-to-let product transfer rates will fall by up to 0.10%, starting from 3.72%.
The move follows a series of recent mortgage rate cuts across the market, as lenders continue to adjust pricing in response to a more stable interest rate environment and improving swap rates.
