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Virgin Money cuts rates

Sarah Davidson

October 19, 2012

Selected residential 2-year fixed rates have been reduced by 0.11%, with loans up to 60% LTV available at 2.68%, and up to 70% LTV at 2.88% both with a £995 product fee.

The2-year tracker with a £995 product fee is also being reduced by 0.11%, to 2.88%.

For customers looking at a longer term fixed rate, a 5-year fix up to 70% LTV is reduced by 0.10% to 3.39%, with a £995 product fee.

A number of reductions are also being made to Virgin Money’s buy-to-let range including:

• A 2-year fixed rate, up to 60% LTV, with a 2.5% product fee is reduced by 0.20% to 3.29%

• A 2-year fixed rate, up to 60% LTV, with a £1,995 product fee is reduced by 0.10% to 3.49%, while the equivalent product without a product fee will reduce by 0.36% to 4.99%.

• A 2-year fixed rate, up to 70% LTV, with a £1,995 product fee is reduce by 0.14% to 3.85%, and the equivalent product without a product fee will reduce by 0.20% to 5.55%.

The limited offer of £750 cashback across all Virgin Money buy to let products remains in place following this product update.

Anthony Mooney, director of mortgages and savings at Virgin Money, said: “Following the completion of the rebrand and in our first week of trading as Virgin Money we are delighted to announce these rate reductions across our mortgage range.

“Since the start of the year customers have opened over a million new accounts with Virgin Money, across our full range of products. We remain absolutely focused on providing straightforward, transparent and good value products and prioritising customer service to continue to grow the business.”


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