Virgin reduces higher loan to value rates by up to 0.43%

Virgin Money has reduced residential mortgage product rates by up to 0.43% and introduced up to £500 cashback across selected purchase mortgages.

An intermediary exclusive purchase product at 65% loan to value (LTV) have reduced by 0.04% to 1.35% and a 65% LTV remortgage product has reduced by 0.10% to 1.29%, both with a £1,495 fee.

Across Virgin’s core residential range, a 65% LTV two-year fixed rate fee-saver product has reduced by 0.12% to 2.20% and a five-year fixed rate is available at 1.39% with a £995 fee.

At 75% LTV, a two-year fixed rate fee-saver product has been cut by 30bps to 2.23% and a five-year fixed rate with a £995 fee has reduced by 0.25% to 1.88%.

At 85% LTV, the largest reductions are across Virgin’s fee-free products. Two and three-year fixed rates have reduced by 0.40% to 3.24% and 3.29% respectively, while a five-year fix has been cut by 0.43% to 3.36%.

85% LTV products with a £995 fee now start from 2.83% fixed for two years and 2.94% for three and five-year fixes.

Across Virgin’s shared ownership range, a two-year fixed rate at 85% LTV has reduced by 0.36% to 2.83% and a five-year fix has been cut by 0.16% to 3.28%. A 90% LTV two-year fixed rate has reduced by 0.10% to 3.29%. All products come with a £995 fee.

Alongside the changes, Virgin is removing free valuations on all purchase products.