Virgin money for intermediaries, the mortgage lending side of the Virgin conglomerate, have announced that they will be making significant rate reductions for some of their mortgage products. These new low mortgage rates are a good sign that mortgages are slowly returning to more normal levels and hopefully some confidence can be returned to mortgage customers.
What Are The New Low Mortgage Rates
From tomorrow, Wednesday the 30th of November, Virgin money will be making some significant changes to their remortgage products and some of their core mortgage products. Virgin has historically been a middle of the road lender in terms of rates and gets most of it’s merits from the quirks and niche’s with it’s criteria more than anything. Like most lenders over the last three months, Virgin increased the rates on the majority of their existing products or in some cases completely removed some products from their product guide completely.
Over the last few weeks, we have been seeing a lot of lenders starting to reduce their rates after a short period of economic uncertainty. Although the UK economy is far from in the clear, things have started to settle down and lenders are, in our opinion, starting to realise that they may have been a bit trigger happy with their rate increases. From day one we saw that lenders had probably over inflated their rates in a state of panic, and the fact that they are all starting to bring them back down proves this.
Virgin Money’s New Product Rates
The new low remortgage rate products that Virgin will release are as follows:
- 65% Loan to value (LTV) 5 Year Fixed Rate Product with £995 fee will be reduced by 0.10% to 4.83% from 4.93%
- 75% Loan to value (LTV) 5 Year Fixed Rate Product with £995 fee will be reduced by 0.10% to 4.88% from 4.98%
Virgin introducing sub 5% 5 year fixed products is a great sign for things to come and we predict that we will see even more lower rates coming from the bigger lenders sooner rather than later.
The new general core mortgage products that Virgin will release are as follows:
- 65% Loan to value (LTV) 5 Year Fixed Rate Product with no fee will be reduced by 0.10% to 4.89% from 4.99%
- Selected 2, 3 and 5 year fixed rates will be reduced by up to 0.31% but it has not been confirmed which products will be altered yet.
If you or anyone you know likes the sound of these low mortgage rates with Virgin money and are interested in what other low rates we can get you with other lenders, give our advisors a call today for a free initial consultation.