Virgin cuts residential rates by up to 0.22%

Virgin Money has announced rate reduction of up to 0.22% across its residential mortgage range, including shared ownership, Own New and Retrofit Boost products.

In its standard residential range with a £995 fee, two-year fixed rates have reduced by up to 0.22%, now starting from 4.37% at 65% LTV, 4.43% at 75% LTV, 4.75% at 85% LTV, and 5.08% at 90% LTV.

Five-year fixed rates are down to 4.24% at 65% LTV, 4.29% at 75% LTV, and 4.43% at 85% LTV.

Fee-free reductions include two-year fixed rates at 65% LTV, down to 4.63%, 75% LTV reducing to 4.68%, and 85% LTV now at 5.01%.

Five-year fixed rate fee-saver products have reduced by up to 7bps, now starting from 4.34% at 65% LTV, 4.39% at 75% LTV, 4.67% at 85% LTV, 4.86% at 90% LTV, and 5.19% at 95% LTV.

Alongside the changes, selected shared ownership fixed rates will be reduced by up to 0.10%, now starting from 4.24%. 

Selected Own New fixed rates will be reduced by up to 0.22%, starting from 0.50%. The Own New Rate Reducer scheme uses the incentives offered by housebuilders to provide lower mortgage rates for new build home purchasers.

Retrofit Boost five-year fixed rates are down by up to 0.21%, starting from 4.59%.
 
In addition, end dates will move to 1st March of the relevant year. 

Alongside the rate reductions, Virgin has also extended its green reward offer, an efficiency initiative that rewards existing customers with £250 cashback for making green home improvements.

Green reward registration dates have moved from 31st December 2024 to 30th June 2025, and claim dates have extended from 30th June 2025 to 31st December 2025.

The offer is open to residential and buy-to-let customers taking additional borrowing, or a product transfer with additional borrowing, and who then spend at least £2,500 on eligible green home improvements. This includes changes to the property that increase energy efficiency or reduce the carbon footprint.