Virgin cuts residential and buy-to-let rates by up to 0.88%

Essex Home Finance
Virgin Money has reduced rates across its residential and buy-to-let product ranges by up to 0.88%.
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Virgin Money has reduced rates across its residential and buy-to-let product ranges by up to 0.88%.

Amongst the changes, Virgin has reduced rates across a number of intermediary exclusive mortgages. Purchase products with £1,000 cashback have been reduced by up to 0.10% with the largest reduction to an 80% LTV five-year fix which is now available at 1.89%.

Intermediary exclusive remortgage products have been reduced by up to 11bps, with a two-year fixed rate at 80% LTV lowered to 1.58% and a five-year fix starting at 1.84%.

Across its core residential range, rates have been reduced by up to 0.83%, with the largest reduction to a 65% LTV two-year fixed rate.

Selected 85% to 95% LTV fixed rates will have also been cut by up to 0.40%. Two and three-year fixed rates at 85% LTV have reduced by 29bps and now start at 2.22% with a £999 fee or 2.24% fee-free.

Also at 85% LTV, five-year fixed rates have reduced from 2.43% to 2.38% with a £995 fee and from 2.78% to 2.52% fee-free.

At 90% LTV, rates have reduced by up to 0.40% with two and three-year fixed rates with no fee reducing from 2.99% to 2.59%.

On Virgin’s green mortgage range, a two-year fixed rate at 65% LTV has been cut from 1.69% to 0.94% and a five-year fix has reduced from 1.25% to 1.04%, both with a £995 fee.

Selected buy-to-let rates have also been reduced by up to 0.88%. Highlights include a three-year fixed rate at 75% LTV which has been lowered from 2.73% to 1.85% with a £995 fee.

Amongst the changes, Virgin has withdrawn its residential three-year fixed rates at 65% and 75% LTV.

Original Article from Financial Reporter 11/08/21

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