Virgin Money reduces residential and buy to let mortgage rates

Virgin Money is reducing selected interest rates on its residential and buy to let mortgage range. The updated range will be available from Friday 19 October 2012.

Selected residential 2 year fixed rates have been reduced by 0.11%, with loans up to 60% LTV available at 2.68%, and up to 70% LTV at 2.88% (both with a £995 product fee). The two year tracker with a £995 product fee is also being reduced by 0.11%, to 2.88%.

For customers looking at a longer term fixed rate, a five year fix up to 70% LTV is reduced by 0.10% to 3.39%, with a £995 product fee.

A number of reductions are also being made to Virgin Money’s Buy to Let range including:

A two year fixed rate, up to 60% LTV, with a 2.5% product fee is reduced by 0.20% to 3.29%

A two year fixed rate, up to 60% LTV, with a £1,995 product fee is reduced by 0.10% to 3.49%, while the equivalent product without a product fee will reduce by 0.36% to 4.99%.

A two year fixed rate, up to 70% LTV, with a £1,995 product fee is reduce by 0.14% to 3.85%, and the equivalent product without a product fee will reduce by 0.20% to 5.55%.

The limited offer of £750 cashback across all Virgin Money buy to let products remains in place following this product update.

Anthony Mooney, Director of Mortgages and Savings at Virgin Money said “Following the completion of the rebrand and in our first week of trading as Virgin Money plc, we are delighted to announce these rate reductions across our mortgage range. Since the start of the year customers have opened over a million new accounts with Virgin Money, across our full range of products. We remain absolutely focused on providing straightforward, transparent and good value products and prioritising customer service to continue to grow the business.”

Since acquiring Northern Rock at the start of 2012, Virgin Money has opened over one million new accounts for customers across the combined business, spanning savings, mortgages, credit cards, insurance and investment products.

For more information, visit virginmoney.com.