Virgin Money launches new Rate Reducer and Fix and Switch rates

Virgin Money is making changes to its mortgage range on Friday 15 March.

Changes include the launch of new Rate Reducer and Fix and Switch rates.

The changes are as follows:

Exclusive Purchase – Own New Rate Reducer with £495 fee and 5% Incentive:

New 85% LTV two-year fixed rate with £250 cashback at 2.40%.
New 90% LTV two-year fixed rate with £250 cashback at 2.76%.
New 85% LTV five-year fixed rate with £250 cashback at 3.62%.

Exclusive Purchase – Own New Rate Reducer with £995 fee and 3% Incentive:

New 60% LTV two-year fixed rate with £250 cashback at 2.52%.
New 75% LTV two-year fixed rate with £250 cashback at 3.09%.
New 85% LTV two-year fixed rate with £250 cashback at 3.41%.
New 90% LTV two-year fixed rate with £250 cashback at 3.71%.
New 60% LTV five-year fixed rate with £250 cashback at 3.54%.
New 75% LTV five-year fixed rate with £250 cashback at 3.83%.
New 85% LTV five-year fixed rate with £250 cashback at 4.02%.
New 90% LTV five-year fixed rate with £250 cashback at 4.16%.

These products are for accredited brokers on applicable new build properties.

Exclusive buy-to-let Purchase & Remortgage – Fix and Switch fee-saver with two-year ERC:

New 60% LTV five-year fixed rate at 5.39%.
New 75% LTV five-year fixed rate at 5.49%.

Exclusive buy-to-let Purchase & Remortgage – Fix and Switch with £1,495 fee and two-year ERC:

New 60% LTV five-year fixed rate at 4.89%.
New 75% LTV five-year fixed rate at 5.04%.

Virgin Money is also be making the following changes at 8pm on Thursday 14 March:

90% LTV Purchase Exclusive Fix and Switch with £1,495 fee will be increased by 0.06%, to 5.14%.
90% & 95% LTV Purchase Exclusive Fix and Switch fee-savers will be increased by up to 0.05%, with rates starting from 5.42%.
70% LTV Remortgage Exclusive five-year fixed rates will be increased by up to 0.08%, with rates starting from 4.54%.
Selected 95% LTV Purchase fixed rate fee-savers will be increased by up to 0.10%, with rates starting from 5.19%.

The lender is also withdrawing the following products at 8pm on Thursday 14 March:

50% buy-to-let Exclusive two-year fixed rate with £2,195 fee at 4.76%.
60% buy-to-let Exclusive two-year fixed rate with £2,195 fee at 4.81%.
75% buy-to-let Exclusive two-year fixed rate with £2,195 fee at 4.91%.
50% buy-to-let Exclusive five-year fixed rate with £2,195 fee at 4.45%.
50% buy-to-let Portfolio Exclusive two-year fixed rate with £2,195 fee at 4.96%.
60% buy-to-let Portfolio Exclusive two-year fixed rate with £2,195 fee at 5.01%.
75% buy-to-let Portfolio Exclusive two-year fixed rate with £2,195 fee at 5.11%.
50% buy-to-let Portfolio Exclusive five-year fixed rate with £2,195 fee at 4.65%.

Craig Calder, head of secured lending at Virgin Money, said: “As part of our innovative Rate Reducer range it is great News that we are launching a New 3% incentive option as well as broadening the LTVs options. We are also expanding Fix and Switch to Buy-to-let customers. As an creative lender we’re always looking at New and inventive ways in which we can assist borrowers and the latest evolution of the Rate Reducer and Fix and Switch offers just that.”

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