Virgin Money makes widespread rate reductions

Ryan Bembridge

October 4, 2016


Virgin Money has made rate reductions across its residential and buy-to-let ranges.

The lender’s residential 3-year fixes stand at 1.79% to 70% loan-to-value, 1.84% to 75% LTV and 1.89% to 80% LTV, all with a £995 product fee and £300 cashback for purchases.

Its 5-year fixes meanwhile have been reduced to 2.18% to 65% LTV and 3.19% to 85% LTV with no fee, while borrowers can also take out a mortgage at 4.19% to 95% LTV with no fee and £300 cashback for purchases.

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Virgin’s buy-to-let rates include a 2-year tracker at 2.29% to 70% LTV and a 5-year fix at 3.24% to 70% LTV, both with a £995 product fee and £500 cashback.

Its buy-to-let 2-year fixes stand at 2.09% to 70% LTV with a £1,995 product fee, £500 cashback.

Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “The reductions we have made to our range ensure that we continue to offer attractive options for purchase and remortgage customers looking for residential and buy-to-let loans at a range of different deposit levels.

“We think these products will be well-received by the market which remains upbeat, as reflected in our recent poll of intermediaries where nearly 80% said they expect the mortgage market to grow in 2017.”