Virgin Money reduce fixed rates

Virgin Money is reducing selected interest rates on its residential and buy to let mortgage range. The updated range will be available from Tuesday 25 September 2012.

Related topics:  Mortgages
Amy Loddington
24th September 2012
Mortgages
- 2 year fixed rates at 60% LTV available from 2.79%

- Selected buy to let fixed rates reduced by up to 0.39%, with rates starting from 3.49%

- Cashback on all buy to let products will increase to £750

The popular 2 year fixed rate for residential customers, which is available up to 60% LTV, is being reduced by 0.10% to 2.79% with a £995 product fee.  Up to 70% LTV, a 2 year fixed rate will reduce by 0.16% to 2.99% with a £995 product fee, and by 0.20% to 3.35% with no product fee.

Selected tracker rates are also reducing, with a 2 year tracker up to 70% LTV falling by 0.16% to 2.99% with a £995 product fee, and by 0.20% to 3.35% with no product fee.

A number of reductions are also being made to Virgin Money’s buy to let range.  Included within the changes is the 2 year fixed rate product at 60% LTV (with a £1,995 product fee) which will reduce by 0.20% to 3.59%.  A 2 year fixed rate up to 60% LTV with a 2.5% product fee will reduce by 0.36% to 3.49%.  The equivalent product up to 70% LTV will reduce by 0.39% to 3.89%.

For buy to let customers looking at a longer term fixed rate, a five year fixed rate with a 2.5% product fee will reduce by 0.30% to 4.19% (available up to 60% LTV), while the equivalent product with a £1,995 product fee will reduce by 0.20% to 4.39%.

The level of cashback available across all Virgin Money buy to let products will increase to £750 for a limited period.

Richard Tugwell, Intermediary Sales Director at Virgin Money said:

“We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending.  The changes will help buy to let customers in particular, with both lower rates and increased cashback available.”

Mortgage products are offered by Northern Rock plc and are available through registered mortgage intermediaries as well as online, over the phone and through the nationwide network of stores.
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