Virgin Money has announced rate cuts across its residential mortgage range, including reductions of up to 85 basis points on ’Freedom to Fix’ range products. The new rates will apply from 27 September.
Virgin has also cut rates in the freedom to fix range which allows borrowers to lock into a fixed rate during the tracker period. The two-year tracker up to 70 per cent LTV has been reduced by a massive 76 basis points to 2.09 per cent while the 75 per cent LTV option is cut by 0.85 per cent to 2.34. The 80 per cent LTV tracker is now offered at 2.78 per cent, down 0.81.
The fee-Saver range where no fee is attached includes a two-year fix up to 60 per cent LTV reduced by 0.11 per cent to 2.34. The 70 per cent LTV option is no 2.44 per cent, down from 2.59, while the 5 per cent LTV product is down 5 basis points to 2.74.
A two-year tracker up to 70 per cent LTV is reduced by 25 basis points to 2.34 per cent.
Higher LTV products have seen reductions also, with a 90 per cent LTV two-year fix reduced 0.2 per cent to 4.55. Borrowers with a 15 per cent deposit are offered a rate of 3.29 per cent, down from 3.39. The 80 per cent LTV option is down 17 basis points to 2.68.
The lowest rate offered is the two-year tacker up to 70 per cent LTV, in the Everyday mortgage range. This has been reduced 0.1 per cent to 1.94. The fixed option is down 5 basis points to 2.14.
For longer term borrowers, the five-year fix is available up to 70 per cent LTV at 3.05 per cent while the no-fee option is offered at 3.39.
For all fee-applicable products there is a £995 product fee payable.
Virgin Money commercial director for mortgages and savings Peter Rogerson says: “We are pleased to announce these latest mortgage rate reductions, which help borrowers across a range of circumstances.”