Virgin launches Fix and Switch shared ownership range

Virgin Money has announced the launch of a new Fix and Switch mortgage range for shared ownership applications.

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.

Available from tomorrow, the exclusive range offers rates from 4.87% up to 85% LTV, 5.19% at 90% LTV and 5.53% at 95% LTV. All products come with a free valuation.

As part of changes to its mortgage range, Virgin has also announced the withdrawal of selected products from 8pm today.

Withdrawn products include a 90% LTV five-year professional product, seven and 10-year fixed rate residential and buy-to-let Retrofit Boost products with a £995 fee, and two product transfer seven and 15-year fixed rates.

The Retrofit Boost range, which launched in July this year, is designed to help borrowers improve their property’s energy efficiency. The mortgage offers customers a cashback amount, ranging from £3,000 to £15,000, to make their home more energy efficient. Last month, Virgin launched a new £7,000 cashback Retrofit Boost option.