Virgin Money will offer seven-day special five-year remortgages starting at 4.90% from tomorrow (4 October).
The high street lender will also cut rates on other remortgage and purchase exclusives, as well as switching products by as much as 25 basis points.
The firm’s reductions cover:
Remortgage exclusives – seven-day specials
- 60% loan to value five-year fixes, with a £995 fee will be cut by 25bps to 4.90%
- 70% LTV five-year fixes, with a £995 fee will be reduced by 25bps to 4.95%
The firm’s seven-day specials are available until 8pm on 10 October.
Remortgage exclusives
- 60% LTV five-year fixes, with a £995 fee and £1,500 cashback will be reduced by 29bps to 5.09%
- 70% LTV five-year fixes, with a £995 fee and £1,500 cashback will be reduced by 24bps to 5.14%
Purchase exclusives
- 65% LTV two-year fixes, with a fee saver option will be reduced by 14bps to 5.60%
- 85% LTV two-year fixes, with a fee saver option will be reduced by 12bps to 5.99%
- 90% LTV two-year fixes, with a £1,295 fee will be reduced by 10bps to 5.75%
Product transfers
- Selected fixed-rate offers will be reduced by up to 11bps, starting from 5.12%
John Charcol mortgage technical manager Nicholas Mendes says: “It’s been a while since we’ve seen a temporary rates fire sale, but these latest rates from Virgin at 4.90% on five-year fixes will put it as a market leading remortgage rate albeit for seven days.
“This doesn’t include rates for existing clients through a product transfer or a further advance.
“Mortgage holds have seven days to secure a rate before these are pulled from the market, and I suspect if Virgin receive more applicants than they anticipated, this could be cut shorter.”
