Virgin Money will launch a range of two-year residential fixed-rate exclusive products and will cut other rates by 15 basis points, with product transfers starting at 4.89%.
The high street lender’s deals, which come to market tomorrow (27 October), cover:
Remortgage exclusives with a 1% fee, free valuation and free legals
- 60% loan to value two-year fixes will be launched at 5.09%
- 70% LTV two-year fixes will be launched at 5.15%
Remortgage exclusives with free valuation and £250 cashback
- 60% LTV two-year fixes, with a £995 fee will be launched at 5.26%
- 70% LTV two-year fixes, with a £995 fee will be launched at 5.32%
- 60% LTV five-year fixes, with a £995 fee will be launched at 4.85%
- 70% LTV five-year fixes, with a £995 fee will be launched at 4.90%
Purchase exclusives with free valuation
- 85% LTV two-year fixes, with a £1,295 fee will be launched at 5.46%
- 85% LTV five-year fixes, with a £1,295 fee will be launched at 4.96%
- 65% LTV two-year fix fee-saver will be launched at 5.47%
- 75% LTV two-year fixes fee-saver will be launched at 5.52%
- 85% LTV two-year fixes fee-saver will be launched at 5.88%
- 85% LTV five-year fix fee-saver will be launched at 5.12%
The lender will also make these rate changes:
- 90% LTV purchase exclusives will be reduced by up to 10bps, with rates starting from 5.11%.
- BTL portfolio remortgage and purchase exclusives, with a 3% fee will be reduced by 5bps, with rates starting from 4.97%
- Selected product transfer fixes will be reduced by up to 15bps, with rates starting from 4.89%
- Selected core purchase and remortgage fixes will be reduced by up to 15bps, with rates starting from 4.92%
- Selected purchase and remortgage Freedom to Fix rates will be increased by 5bps, with rates starting from 5.60%
John Charcol mortgage technical manager Nicholas Mendes says: “Following TSB’s recent repricing, Virgin has moved quickly to take over the top spot for remortgage two-year fixed-rate deals from tomorrow.
“It’s fantastic to see a lender quickly pick up where another lender has exited, but with any exclusive deal mortgage holders need to react quickly to secure.”
Virgin Money head of intermediary sales Richard Walker adds: “We have reintroduced our intermediary exclusive products and made a number of reductions across our residential and BTL range, supporting all segments of the market.
These exclusives consist of both purchase and remortgage products including a new range of remortgage two-year fixed rate loans with a 1% fee offering a lower monthly payment.”
