Virgin Money is to implement a range of rate reductions across its fixed mortgage products from Friday 25 April, with cuts spanning purchase, remortgage, product transfer and buy-to-let categories.

In its exclusive purchase range, borrowers with 80% loan-to-value (LTV) will benefit from rate reductions of up to 0.08%. The two-year fixed rate with a £995 fee will drop by 0.04% to 4.29%, while the fee-saver option is being reduced by 0.07% to 4.52%. The five-year fixed product with a £995 fee will fall by 0.06% to 4.25%, and the fee-saver equivalent will decrease by 0.08% to 4.36%.

On remortgages, Virgin is applying cuts of up to 0.15% for two-year fixed rates in the 80–90% LTV bracket, with starting rates now from 4.63%. Five-year fixes at the same LTV range will be reduced by up to 0.05%, starting from 4.39%.

Buy-to-let borrowers will also see lower rates, with Fix and Switch products dropping by 0.10% to start from 4.80%. Selected two- and five-year fixed rates with a 1% fee will be reduced by up to 0.10%, with new rates starting at 4.20%. Equivalent products with a £995 fee will also fall by up to 0.10%, starting from 4.39%. Fee-saver options at 75% LTV will see reductions of up to 0.10%, starting from 4.60%.

TRANSFERS

Customers transferring their mortgage within Virgin Money will see two-year fixed rates reduced by up to 0.16%, with new pricing from 4.04%. Three-year and five-year fixes will also be cut by up to 0.11%, now beginning at 4.14% and 4.01% respectively.

For buy-to-let product transfers, two-year fixed rates will fall by 0.10% to start from 4.00%. Three-year options will be reduced by 0.05% to start from 4.19%, and selected five-year fixes will decrease by 0.05%, beginning at 4.09%.