Virgin Money announces exclusive 75% LTV 5-year fix amid product changes

The lender will introduce new offerings and reduce rates across its purchase, remortgage, buy-to-let (BTL), and product transfer ranges, in a move aimed at offering more competitive options to borrowers.

In the purchase range, a new exclusive 75% loan-to-value (LTV) five-year fixed rate fee-saver product will be launched at 4.25%. Additionally, exclusive 80% LTV two- and five-year fixed rates will see reductions of up to 0.07%, with rates now starting from 4.15%. The 85% LTV five-year fixed rate with an £895 fee will be cut by 0.04% to 4.24%, while the 95% LTV five-year fixed rate fee-saver will drop by 0.05% to 4.89%.

Remortgage customers will also benefit from improved rates. The exclusive 75% LTV two-year fixed rate with a £995 fee will be reduced by 0.09% to 4.14%. Selected two-year fixed rates will fall by up to 0.22%, now starting at 4.28%, while selected five-year fixed rates will be reduced by up to 0.15%, beginning at 4.24%.

The lender is also introducing a new BTL mortgage product: an 80% LTV two-year fixed rate with a £995 fee, launching at 5.09%. Meanwhile, the 80% LTV two-year fixed rate with a 1% fee will drop by 0.21% to 4.99%. Other BTL two-year fixed rates with a 3% fee will be cut by 0.08%, starting from 2.98%. Additionally, two- and five-year fixed rates with a £995 fee will be reduced by 0.05%, starting at 4.24%, and the fee-saver versions will also see a 0.05% reduction, beginning at 4.55%.

For existing customers looking to switch, Virgin Money will reduce selected two- and three-year fixed product transfer rates by up to 0.23%, with prices starting from 3.86%. Selected five-year fixed product transfer rates will fall by up to 0.14%, now starting at 3.93%. BTL fixed product transfer rates will also be reduced by up to 0.11%, starting from 3.85%.