Virgin Money makes rate cuts

11 December 2020 | General

Virgin Money has made a number of rate cuts across its residential ranges.

Its core residential range has seen reductions, including a 0.40% rate cut to its 85% LTV 3-year fee-saver, to 2.29%.

In terms of low LTV products, its 65% LTV 5-year fix now costs 1.39% with a £995 fee, following a reduction of 0.06%.

With shared ownership there is a reduction of 0.10% on the lender’s 90% LTV 2-year fix, which now costs 3.29% with a 0.10% fee.

The lender is also changing the incentives available on its purchase deals. From Friday 11 December, Virgin will offer cashback on some purchase products and remove free valuations on all purchase products.

The full list of reductions can be seen below:

Intermediary Exclusive Purchase
• 65% LTV 5 Year £1,495 fee reduced by 0.04% to 1.35%

Intermediary Exclusive Remortgage
• 65% LTV 5 Year £1,495 fee reduced by 0.10% to 1.29%

Core Residential
• 65% LTV 2 Year fee-saver reduced by 0.12% to 2.20%
• 65% LTV 5 Year £995 fee reduced by 0.06% to 1.39%
• 75% LTV 2 Year fee-saver reduced by 0.30% to 2.23%
• 75% LTV 5 Year £995 fee reduced by 0.25% to 1.88%
• 85% LTV 2 Year £995 fee reduced by 0.16% to 2.83%
• 85% LTV 3 Year £995 fee reduced by 0.15% to 2.94%
• 85% LTV 5 Year £995 fee reduced by 0.15% to 2.94%
• 85% LTV 2 Year fee-saver reduced by 0.40% to 3.24%
• 85% LTV 3 Year fee-saver reduced by 0.40% to 3.29%
• 85% LTV 5 Year fee-saver reduced by 0.43% to 3.36%

Shared Ownership
• 85% LTV 2 Year £995 fee reduced by 0.36% to 2.83%
• 85% LTV 5 Year £995 fee reduced by 0.16% to 3.28%
• 90% LTV 2 Year £995 fee reduced by 0.10% to 3.29%

Mortgage Review (Product Transfer)
• 65% LTV 5 Year £995 fee reduced by 0.04% to 1.39%

This post has originally been featured in Property Wire.