Virgin announces mortgage rate cuts
In an effort to provide some financial relief to borrowers, Virgin Money has announced a significant reduction in their mortgage rates on selected remortgage and purchase products. The rate cuts will be in effect starting from today, Tuesday the 1st of August 2023, and will be available for a limited time, running until 8pm on the 7th of August 2023.
Rate Cuts and Exclusive Short-Term Deals From Virgin Money
For homeowners looking to remortgage their property, Virgin Money’s exclusive short lived specials include several attractive offers. The first is a 2-year fixed rate mortgage with a 70% loan-to-value (LTV) ratio, with a £1,495 fee and £500 cashback. This deal will see its rate reduced by 0.16%, now standing at 5.90%. Additionally, a 5-year fixed rate mortgage with a 70% LTV will undergo a reduction of 0.19%, making the new rate now 5.40%.
For those interested in the buy-to-let mortgage deals, Virgin Money has also implemented rate cuts on several five-year fixed rate mortgages. A 50% LTV mortgage with a £2,195 fee will experience a reduction of 0.06%, settling at 5.30%. Meanwhile, borrowers with a 60% LTV can take advantage of a rate cut of 0.06%, bringing the interest rate down to 5.35%. Lastly, a 75% LTV buy-to-let mortgage with a £2,195 fee will see a rate reduction of 0.11%, now standing at 5.55%.
Purchase Exclusive Deals From Virgin Money
Purchase exclusives have also got reductions, hopefully helping to make homeownership more accessible and affordable for potential new buyers. A 2-year fixed-rate mortgage with a 65% LTV will undergo a substantial rate cut of 0.35%, knocking the rate down to 5.80%. Similarly, a 2-year fixed rate mortgage with a 75% LTV will see a rate reduction of 0.30%, bringing the interest rate down to 5.85%. Customers with an 85% LTV can benefit from a rate cut of 0.18%, giving a new rate of 6.03%. Also, those seeking a high LTV mortgage will find a 2-year fixed rate with a 90% LTV to be more affordable, with a rate reduction of 0.14% now offering a rate of 6.20%.
A 65% LTV 5-year fixed-rate mortgage will see a large rate cut of 0.41%, dropping the overall rate to 5.25%. For those with a 75% LTV, a 5-year fixed rate mortgage will undergo a rate reduction of 0.39%, bringing the interest rate down to 5.27%. Borrowers with an 85% LTV can enjoy a rate cut of 0.26%, resulting in a competitive rate of 5.50%. Lastly, a 5-year fixed rate mortgage with a 90% LTV will undergo a rate reduction of 0.15%, now standing at 5.65%.
Product Transfers From Virgin Money
In addition to the remortgage and purchase offers announced, Virgin Money is also catering to existing customers looking for product transfers. Customers with a 65% and 75% LTV can benefit from rate reductions of up to 0.08%, with rates starting from 6.13%.
Speak To a Mortgage Advisor About Rate Reductions
It’s important for potential borrowers to act swiftly to take advantage of exclusive offers, especially in a market like the one we find ourselves in. With the rates set to revert to their original values after the seven-day window, you should contact our advisors at Oportfolio Mortgages to explore the various options available to you and decide upon the most suitable mortgage for your needs. Whether it’s securing a new home or remortgaging an existing property, we can help you to navigate the volatile mortgage market. Call or email our team today for a free initial mortgage consultation. We are here to help.
