Virgin reduces purchase and product transfer rates

Virgin Money has announced rate cuts of up to 0.11% across its residential purchase and remortgage ranges.

In its purchase range, higher-LTV rates between 80-95% LTV are reducing by up to 0.10%.

Highlights include two-year fixed rates, down by up to 0.10% and now starting from 4.96% at 90% LTV and 5.45% at 95% LTV.

90% and 95% LTV Fix and Switch rates have decreased by up to 0.10%, starting from 5.22%. 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.

90% LTV Own New two-year fixed rates now start from 2.30%. The Own New Rate Reducer scheme uses the incentives offered by housebuilders to provide lower mortgage rates for new build home purchasers.

The reductions follow previous cuts of up to 0.14% across Virgin's residential range last week.

In its product transfer range, selected one, two and three-year fixes have reduced by up to 0.11%, now starting from 4.15%, with five-year fixes reducing by up to 0.10% to start from 4.12%.