by Mark Johnston
Virgin Money Reduce Mortgage Rates.
Virgin Money gained a High Street presence when it took over Northern Rock’s £14 billion mortgage book on the first of January this year.
Just last year Virgin Money won Customer Experience of the Year Award for Banking in the UK Customer Experience Awards.
Brian Brodie, Customer and Distribution Director at Virgin Money said “At Virgin Money we are building a different kind of bank. We put customers at the heart of what we do, and are absolutely focused on providing an excellent experience for our customers”.
It seems then that the lender has followed many of its rivals in reducing some of its mortgage rates.
Therefore, last month for the third time this year Virgin Money announced a number of changes across its Residential mortgage range. The lender is reducing rates across its range by up to 0.66 per cent.
Virgin Money also advise that it plans to continue to offer a cashback incentives on its purchase products. Remortgaging mortgage holders are also to be offered incentives in the form of a free standard legal service and a free valuation.
For homeowners with a loan to value (LTV) ratio of 60 per cent, Virgin Money has unveiled their lowest ever two year fixed rate mortgage with a rate of 2.13 per cent and a product fee of £995.
Meanwhile, for borrowers with a 40 per cent deposit, is a two year Everyday fixed rate Saver Option at 2.48 per cent.
For borrowers with a 70 per cent loan to value (LTV) ratio, there is a two year fixed rate mortgage deal available at 2.19 per cent with a £995 product fee. Its two year saver option comes with a rate of 2.59 per cent.
A three year fixed rate fee saver option is available at 2.74 per cent and a five year Everyday fixed rate is now available at 2.99 per cent with a £995 product fee.
Also, a two year Everyday Tracker is offered at 2.19 per cent with a £995 product fee.
For borrowers with a smaller deposit, the lender offers a two year fixed rate deal for those with a 80 per cent loan to value (LTV) ratio with a rate of 3.05 per cent and includes £300 cashback and comes with a £995 product fee.
Virgin Money’s two year Everyday fixed rate at 85 per cent loan to value (LTV) ratio with £300 cash back is now available at 3.49 per cent with a £995 product fee.
This lenders ‘everyday mortgage’ range offers certain flexible features which includes payment holidays and also the ability to make overpayments of up to 10 per cent of the outstanding balance per year.
Peter Rogerson, Commercial Director for Mortgages and Savings at Virgin Money said: “We are delighted to announce these improvements to our mortgage range, which will support borrowers in a range of situations”.
Aaron Strutt, product manager at Trinity Financial, added “Virgin’s affordability calculator is generous which means they will often lend more money than other banks. They are also one of the few banks still offering guarantor mortgages.”
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