Virgin Money Mortgages Announces Rate Reductions

by | Wednesday 18th Oct 2023 | Mortgage News

Virgin Money Mortgages, one of the more prominent high street lenders, has recently made noteworthy changes to its residential and landlord exclusive mortgage products. These changes, which include reductions of up to 0.26%, are aimed at providing more attractive options for both homebuyers and property investors. The adjustments in their mortgage offerings have the potential to impact the housing market significantly. Let’s have a look at what these new changes are.

Reductions To Virgin Money Mortgages

Virgin Money’s decision to reduce rates is expected to generate interest among prospective homebuyers and landlords alike. Over the last few months, both homeowners and property investors have been dealt a pretty bad hand. With interest rate hikes and affordability tightening. However, recent big rate reductions have started to give property owners more hope. Here are some of the key highlights of these rate reductions:

Purchase Exclusives with a £1,295 Fee:

– 65% Loan-to-Value (LTV) two-year fixed-rate mortgages will see a reduction of 0.14%, bringing the rate down to 5.20%.

– 75% LTV two-year fixed-rate mortgages will be reduced by 0.19% to 5.26%.

Purchase Exclusive Fee-Savers:

– 75% LTV two-year fixed-rate mortgages will experience a rate reduction of 0.16%, making it 5.58%.

– 65% LTV five-year fixed-rate mortgages will be lowered by 0.16%, now at 4.87%.

– Purchase exclusive £1 million-plus fixed-rate mortgages will also see reductions of up to 0.16%.

Remortgage Exclusives with a £995 Fee and £250 Cashback:

– 70% LTV two-year fixed-rate mortgages will be reduced by 0.16%, making it a competitive 5.33%.

Remortgage Exclusive Fee-Savers with £250 Cashback:

– 60% LTV five-year fixed-rate mortgages will undergo a rate reduction of 0.16%, now available at 5.15%.

Buy-to-Let Remortgage and Purchase Exclusives with a £2,195 Fee:

– 75% LTV two-year fixed-rate mortgages for buy-to-let properties will experience a rate reduction of 0.16%, resulting in a competitive rate of 5.51%.

Other Changes To Virgin Money Mortgages

In addition to these significant reductions, Virgin Money has also announced that selected product transfer fixed-rate offers will be cut by up to 0.26%, with the new rates starting at 4.89%. These rate cuts represent a significant effort by Virgin Money to remain competitive in the ever-evolving mortgage market. By reducing interest rates, Virgin Money aims to attract new borrowers and retain its existing customers while offering them more favourable terms and potentially lowering the overall cost of borrowing. This move comes as no surprise, considering the intense competition among lenders in the mortgage industry.

The reductions in rates are anticipated to provide a substantial boost to the housing market, making homeownership more affordable and enticing for first-time buyers. Moreover, property investors will also benefit from the lowered rates on buy-to-let mortgages, potentially increasing the attractiveness of the rental market and increasing profits on their investments. Virgin Money’s move is also a testament to the lender’s dedication to its customers. By reducing fees and interest rates, they are actively helping borrowers save money during the homeownership journey. The mortgage market is dynamic, and these rate cuts show Virgin Money’s adaptability in responding to market trends and customer demands.

Speak To A Mortgage Broker

In conclusion, Virgin Money’s decision to reduce mortgage rates across a range of their products is poised to benefit both prospective homebuyers and property investors. These reductions can enhance affordability, foster a more competitive housing market, and empower borrowers with more attractive mortgage options. As the mortgage market remains highly competitive, the best thing to do if you are wanting to secure a new mortgage is always to consult a mortgage broker. At Oportfolio, our job is to help you to find the best possible mortgage option for your circumstances. Call or email our team today to arrange a free initial mortgage consultation. We are here to help.

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