Virgin Money launches new 80% LTV fixes alongside wider pricing increases

Virgin Money has confirmed a new round of mortgage product changes, including the launch of new 80% LTV fixed rates for purchase alongside increases across parts of its purchase, remortgage and product transfer ranges.

The changes will come into effect on Tuesday 3 February and include the introduction of four new 80% LTV purchase products. These comprise a two-year fixed rate at 3.87% with a £995 fee and a fee-saver alternative at 4.06%, alongside a five-year fixed rate priced at 4.14% with a £995 fee and a fee-saver version at 4.22%.

RATE RISES

Alongside the new launches, Virgin Money is increasing a number of existing purchase rates. Two-year fixed rates with a £999 fee will rise by up to 0.10%, with pricing starting from 3.85%, while two-year fixed rate fee-savers will increase by up to 0.08%, from 4.04%.

Five-year fixed rates with a £999 fee will increase by up to 0.15%, starting from 3.96%, with fee-saver equivalents also rising by up to 0.15%, from 4.07%.

Shared ownership fixed rates will also see increases of up to 0.15%, with rates starting from 3.85%.

For remortgage customers, selected two-year fixed rates with a £999 fee will rise by up to 0.10%, from 3.84%, while selected two-year fixed rate fee-savers will increase by up to 0.11%, starting from 4.18%.

Selected five-year fixed rates with a £999 fee will increase by up to 0.12%, from 3.94%, with fee-saver products rising by up to 0.14%, starting from 4.10%.

Virgin Money is also increasing selected product transfer rates. Two and five-year fixed rates with a £1,999 fee will rise by up to 0.05%, from 3.58%, while equivalent products with a £999 fee will also increase by up to 0.05%, starting from 3.68%.

PRODUCT WITHDRAWALS

In addition to the pricing changes, the lender confirmed it will withdraw a number of exclusive purchase products at 8pm today. These include 75% LTV two and five-year fixed rates with a £895 fee, along with their fee-saver equivalents.

Virgin Money will also withdraw 80% LTV two and five-year fixed rates with a £895 fee and associated fee-savers, as well as 90% LTV two and five-year fixed rate fee-saver products.

Applications for the withdrawn products must be submitted by 8pm today in order to secure current pricing.