Virgin Money is making a series of changes to its mortgage range today (Friday 16 May), including the launch of several new exclusive products and reductions to selected fixed rates across purchase, remortgage and product transfer ranges.
The updated offering will see the introduction of new fixed rates for both purchasers and remortgagors. Among the new deals is a 75% LTV 2-year fixed rate remortgage at 4.18% with a £995 fee, and a 5-year equivalent at 4.09%.
For homebuyers, Virgin is launching 85% LTV 2- and 5-year fixed rates, priced at 4.19% and 4.24% respectively, also with a £995 fee.
In addition to these new exclusives, the lender has cut rates on a range of existing products. Reductions of up to 0.15% will apply to selected 2- and 5-year fixed purchase deals with a £995 fee, while fee-saver versions will see rates fall by up to 0.25%. The 95% LTV Shared Ownership 2-year fixed fee-saver will also see a small drop of 0.07%.
Selected Own New and Retrofit Boost products will also benefit from reductions, with the latter seeing up to 0.15% shaved off 5-year fixed rates carrying a £995 fee.
For remortgage customers, Virgin Money is lowering selected 2- and 5-year fixed rates by up to 0.16% for those paying a £995 fee, and up to 0.13% on fee-saver options. Retrofit Boost 5-year fixed remortgage rates are also being trimmed by as much as 0.15%.
Product transfer customers will see more modest reductions, with the 65% LTV 2-year fixed rate with a £1,995 fee dropping by 0.10% to 3.74%. At 80% and 85% LTV, 2- and 3-year fixed rates with a £995 fee will be cut to 4.53%, and the 5-year equivalents to 4.29%.
As part of the refresh, the lender is also withdrawing a number of high-value products. These include its 75% LTV £1m+ 2- and 5-year fixed rate purchase deals, currently priced at 4.53% and 4.47% respectively, and the equivalent remortgage products at 4.67% and 4.50%.
