Virgin Money has reduced rates on several of its high loan-to-value fixed rate mortgage products and added new intermediary exclusives to its range.
The new product range is available from today, 25 January and is aimed first-time buyers who are coming to the end of the their current mortgage arrangement.
The new high LTV products include a two-year fixed rate 85 per cent LTV with a rate of 1.92 per cent and a fee of £995; a two-year fix at 90 per cent LTV with a rate of 1.94 per cent and a £995 fee; a two-year fix 95 per cent LTV deal at 2.99 per cent and no product fee; and three and five year fixes at 95 per cent LTV at 3.39 per cent with no product fee.
The lender has also introduced the following intermediary exclusive products:
- Two-year fixed rate at 90 per cent LTV remortgage special at 2.04 per cent with £995 fee (£500 cashback and free valuation)
- Two-year fixed rate at 95 per cent LTV purchase special at 3.45 per cent with no fee (£1,000 cashback)
- Buy-to-let two year fixed rate at 60 per cent LTV remortgage special at 1.54 per cent with £2,450 fee (free valuation and free legals)
Virgin Money director of mortgages Andrew Asaam says: “Over the next six months it is estimated that 185,000 first time buyers will be coming to the end of their current mortgage deal. Therefore we are delighted to support these customers who may be switching for the first time or have lower equity in their homes by launching a range of new higher LTV fixed rate products.”