Virgin Money has made a number of rate reductions on its Rapid Remortgage range.

The changes are as follows:

• Two-year fixed rate reduced to 1.77% up to 65% LTV, with a £995 product fee
• Four-year fixed rate reduced to 2.49% up to 65% LTV, with a £995 product fee
• Five-year fixed rate reduced to 2.69% up to 65% LTV, with a £995 product fee

The Rapid Remortgage products aim to present an offer to the customer within 10 days of receiving a fully packaged application, giving them the opportunity to complete their remortgage before Christmas.

The Rapid Remortgage products are available through all intermediaries registered with a Virgin Money national account for a limited period only.

Virgin Money has also made some of its fixed rate residential mortgage products available to customers with smaller deposits. Previously only available to customers with a 40% deposit, they are now available to those with a 35% deposit. Products include:

• Two-year fixed rate at 2.14% now available at 65% LTV, with a £995 product fee
• Five-year fixed rate at 2.92% now available at 65% LTV, with a £995 product fee (remortgage customers only)

The 65% LTV extension also applies to the larger loans range of intermediary exclusives. A five-year fixed rate at 2.59% is now available at 65% LTV, with a £1,495 product fee.

Virgin Money is also waiving the usual £99 application fee for all residential and buy-to-let remortgage applications, for a limited period. The additional incentives of a free basic valuation and free standard legal work are available for residential remortgage customers on these products.

Peter Rogerson, Virgin Money’s savings and mortgages director, said: “We are delighted to announce the extension of our 60% LTV rates to 65% LTV, enabling customers with smaller deposits to take advantage of these very competitive rates.

“Our Rapid Remortage range offers attractive and competitive rates, and we expect them to continue to be popular with customers looking to move their mortgage before Christmas. We are also delighted to be able to waive the £99 application fee for customers wishing to remortgage to assist them with their costs.”