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Virgin Money cuts rates by up to 0.90% for FTBs

Virgin Money has cut rates for first-time buyers by up to 0.90 per cent on its higher LTV products.

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A two-year fixed rate up to 90 per cent LTV will become available at 4.99 per cent, down by 0.90 per cent from 5.89 per cent.

Loans up to 80 per cent LTV will be available from 3.59 per cent, down 0.60 per cent from 4.19 per cent, while loans up to 85 per cent LTV will become available from 4.09 per cent, representing a 0.70 per cent reduction from 4.79 per cent.

Virgin Money savings and mortgage director Anthony Mooney says: “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.”

There are also rate reductions being made on lower LTV products. A two-year fixed rate up to 70 per cent LTV is available from 2.75 per cent, down 0.13 per cent from 2.88 per cent.

A two-year fixed rate up to 75 per cent LTV is available at 2.99 per cent, down 0.30 per cent from 3.29 per cent.

On the fee saver range, a two-year fix up to 90 per cent LTV is being cut by 0.80 per cent, from 6.19 per cent to 5.39 per cent. The equivalent 85 per cent LTV product is available at 4.59 per cent, representing a cut of 0.49 per cent from 5.08 per cent while the 80 per cent LTV product is down 0.59 per cent, from 4.58 per cent to 3.99 per cent.

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