Virgin Money reduces fixed mortgage rates across key products

Virgin Money has announced a range of mortgage rate reductions, set to take effect from Thursday, 6 March.

The changes apply to exclusive purchase, remortgage, buy-to-let, and product transfer deals, offering lower rates for borrowers across different loan-to-value (LTV) tiers.

The reductions come as Virgin Money continues to refine its mortgage offerings in response to market conditions. Key rate cuts include up to 15 basis points (bps) off selected shared ownership deals, up to 14bps off green mortgage products, and up to 10bps off standard purchase and remortgage fixed rates.

In addition to rate reductions, Virgin Money has also made changes to its green deals, removing cashback incentives while continuing to offer free valuations.

Exclusive Purchase:

80% LTV 2 & 5-year fixed rates reduced by up to 9bps, starting from 4.37%.
80% LTV Fix and Switch Fixed Rate reduced by 7bps to 4.92%.
75% LTV £1m+ 2 & 5-year fixed rates reduced by 10bps, starting from 4.54%.
Retrofit Boost 5-year fixed rates reduced by 10bps, starting from 4.87%.
Own New 2 & 5-year fixed rates reduced by up to 10bps, starting from 4.50%.

Purchase:

2-year fixed rates reduced by up to 10bps, starting from 4.47%.
5-year fixed rates reduced by up to 10bps, starting from 4.34%.
10-year fixed rates reduced by up to 10bps, starting from 4.89%.
Selected Shared Ownership fixed rates reduced by up to 15bps, starting from 4.44%.
Green 2 & 5-year fixed rates reduced by up to 14bps, starting from 4.30%.

Exclusive Remortgage:

75% LTV £1m+ 2 & 5-year fixed rates reduced by up to 15bps, starting from 4.54%.
Retrofit Boost 5-year fixed rates reduced by 10bps, starting from 4.87%.

Remortgage:

2-year fixed rates reduced by up to 10bps, starting from 4.43%.
5-year fixed rates reduced by up to 10bps, starting from 4.34%.
75% LTV 10-year Fixed Rate with £995 fee reduced by 10bps to 4.89%.

Exclusive Buy-to-Let:

60% & 75% LTV 2-year fixed rates with 1% fee reduced by up to 5bps, starting from 4.40%.
60% & 75% LTV 2-year fixed rates with 3% fee reduced by up to 10bps, starting from 3.59%.

Product Transfer:

Selected 2-year fixed rates reduced by up to 10bps, starting from 4.15%.
Selected 3-year fixed rates reduced by up to 10bps, starting from 4.20%.
Selected 5-year fixed rates reduced by up to 10bps, starting from 4.07%.
90% LTV 10-year Fixed Rate fee-saver reduced by 10bps to 4.99%.

The lender has also adjusted its green mortgage incentives, removing cashback offers but maintaining free valuations.