Virgin cuts high-LTV residential rates by up to 0.14%

Virgin Money has reduced rates across its residential purchase mortgage range by up to 0.14%.

Available from tomorrow, selected 80% LTV two and five-year fixed rates are reducing by up to 0.05%, starting from 4.44%.

At 90% LTV, two-year fixed rates with a £995 fee are decreasing by 0.07% to 4.99% and Own New two-year fixes are also down by 7bps, starting from 2.33%. The Own New Rate Reducer scheme uses the incentives offered by housebuilders to provide lower mortgage rates for new build home purchasers.

At 95% LTV, Fix and Switch rates will be reduced by up to 0.14%, to 5.47%. Fix and Switch offers borrowers the security of a five-year fixed rate with the flexibility of being able to switch to another product with no early repayment charge after just two years.

95% LTV two and five-year fixed rate fee-free products are also down by up to 0.09%, starting from 5.47% and 5.22% respectively.

As part of the changes, a buy-to-let two-year fixed rate product at 75% LTV is reducing by 5bps to 3.82% with a 3% fee.

The latest reductions follow rate cuts of up to 0.10% across Virgin's residential and buy-to-let product ranges last week.