Virgin Money’s residential range is getting the biggest cuts in five-year fixed rates. What does this mean for you? Well, if you’re considering a long-term fixed mortgage, rates now start at a more attractive 4.19%, though this comes with a £995 fee. If you prefer to avoid fees, you can still enjoy a reduced rate, starting from 4.39%.

But it’s not just the five-year rates that are seeing a change. Two-year fixed rates have also been trimmed down, with reductions up to 0.29%, starting from 4.64% for those willing to pay a £995 fee.

High-Value Purchases and Remortgages Get a Break Too

If you’re in the market for a high-value property (think £1 million and above), Virgin Money has something for you as well. For both purchase and remortgage, there’s a drop by up to 0.40% in rates for two and five-year fixes at 75% loan-to-value (LTV). These now start from 4.37%, but they come with a higher fee of £1,995.

Lower Rates for Landlords

Turning to the buy-to-let range, Virgin Money is extending its rate cuts to landlords as well. Here’s a quick rundown:

• Two and five-year fixed rates with a hefty £2,195 fee have seen a reduction by up to 0.32%, starting from 4.51% and 4.20% respectively.
• For a more modest 1% fee, two-year fixes have been slashed by up to 0.65%, now starting at 4.64%. Five-year fixes aren’t left out, with rates starting from 4.34% after a cut of up to 0.30%.
• And if you’re willing to pay a 3% fee, you’re in for even bigger savings. Two and five-year fixes in this category have dropped by up to 0.45%, now starting from 3.87% and 3.97% respectively.

As part of these sweeping changes, Virgin Money has decided to withdraw a selection of its purchase and remortgage exclusives. This means that some options previously available are no longer on the table, making way for the new, lower-rate products.