Mortgages

Virgin Money cuts first-time buyer and shared ownership rates

Rozi Jones
|
23rd February 2021
Virgin Money

Virgin Money has announced a series of rate reductions across its residential mortgage range.

On its broker-exclusive range, a two-year fixed rate at 85% LTV has been cut by 10bps to 2.69% and a five-year fix at 75% LTV by 5bps to 1.74%, both with £1,000 cashback.

Virgin's first-time buyer products at 90% LTV have seen reductions of up to 0.07%, with a two-year fixed rate now available at 3.24% and a five-year fix from 3.41%, both with a £995 fee and £500 cashback. A fee-free five-year fixed rate has also been reduced to 3.62% with £500 cashback.

Elsewhere in the lender's residential range, 65% LTV products have seen rate cuts of up to 0.31%. The largest reduction is to a five-year fee-free product which has been reduced to 1.68%, while a two-year fee-free product has fallen by 0.14% to 2.06%.

At 75% LTV, a two-year fee-free product has been cut by 0.14% to 2.09% and a five-year fix with a £995 fee by 0.05% to 1.68%.

85% LTV products have also seen smaller reductions of up to 0.05%, with a two-year fixed rate reducing to 2.64% with a £995 fee.

Finally, across Virgin's shared ownership range, rates have been cut by up to 0.31%. At 90% LTV, a two-year fixed rate has fallen to 3.64% and a five-year fix by 0.31% to 3.78%, both fee-free. A five-year fixed rate with a £995 fee has also been cut by 0.27% to 3.59%.

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