The updated range will be available from 7 December 2012 and the main changes are focused on helping those borrowers who have a smaller deposit, including first time buyers.
For a borrower with a 10% deposit, a two year fixed rate is available at 4.99%, a reduction of 0.90%. Loans up to 85% LTV will be available from 4.09% (0.70% lower) and 80% LTV from 3.59% (0.60% lower) (all with a £995 product fee).
Reductions have also been made at lower LTVs. Two year fixed rates at 60% LTV will be available at 2.64%, (with a £995 product fee), with the equivalent at 70% LTV available from 2.75%, a reduction of 0.13%. A 75% LTV at the two year fixed rate will reduce by 0.30% to 2.99%.
Further reductions have also been made to the Fee Saver range of products with a two year fixed rate at 90% available at 5.39%, a reduction of 0.80%. The equivalent 85% LTV product is available at 4.59% and the 80% LTV product is available at 3.99%, a reduction of 0.49% and 0.59% respectively.
A number of updates to the buy to let range have also been made. A two year fixed rate up to 60% LTV will be available at 3.89%, or up to 70% LTV at 4.25%. Both products have a £1,995 product fee. For those products with a £995 product fee, a two year fixed rate up to 60% LTV will be available at 4.45%, and up to 70% LTV at 4.59%. £500 cashback remains available across all buy to let products.
Anthony Mooney, Savings and Mortgage director at Virgin Money said:
“Virgin Money is committed to supporting borrowers with smaller deposits including first time buyers. The significant reductions we have made to the rates on our higher LTV mortgages will help make it easier for them to get their foot on the property ladder.”
