Lender also announces rate cuts across multiple ranges
Virgin Money is launching a range of new mortgage products tomorrow, August 5, targeting both homebuyers and those looking to remortgage.
The new offerings include fixed rate deals with fee-saver options, as well as adjustments to existing rates across its product lines.
The lender’s Exclusive Purchase range will see the addition of three fee-saver mortgages: a 90% loan-to-value (LTV) two-year fixed rate at 4.51%, a 95% LTV two-year fixed rate at 4.93%, and a 90% LTV five-year fixed rate at 4.40%.
For remortgage customers, Virgin Money will introduce two new fee-saver products under its Exclusive Remortgage range, featuring a two-year fixed rate at 75% LTV at 4.40% and a five-year fixed rate at the same LTV at 4.17%.
Alongside these launches, Virgin Money will implement a series of rate reductions from 8pm today, as the ongoing mortgage rate war has seen lenders competing aggressively to attract borrowers by cutting rates and introducing new deals.
In the Exclusive Purchase category, the 80% LTV two-year fixed rate with a £895 fee will decrease by 0.08 percentage points to 3.97%, while the fee-saver version will move to 4.23%.
The 75% LTV five-year fixed rate with a £895 fee will fall by 0.05 percentage points to 4.02%, and its fee-saver counterpart will be set at 4.13%. The 80% LTV five-year fixed rate with a £895 fee will be reduced by 0.07 percentage points to 4.09%, with the fee-saver version dropping by 0.04 percentage points to 4.23%.
In the Exclusive Remortgage range, the 75% LTV two-year fixed rate with a £995 fee will be cut by 0.15 percentage points to 3.99%, while the five-year fixed rate with the same fee will be lowered by 0.13 percentage points to 4.01%.
Virgin Money is also making reductions to selected Shared Ownership fixed rates, with decreases of up to 0.11 percentage points and new rates starting from 4.08%. In its product transfer range, 75% LTV two- and three-year fixed rates will be reduced by up to 0.10 percentage points, with rates beginning at 3.89%.
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