Virgin Money has announced cuts to its mortgage rates, potentially saving borrowers thousands of pounds.

The reductions apply to a range of fixed-rate mortgages, including those for first-time buyers, remortgagers, and buy-to-let landlords.

Here’s a breakdown of the key changes:

Remortgage Deals Get Cheaper

• Two and five-year fixed-rate remortgages have been reduced by up to 0.15%, with rates now starting from a competitive 3.96%.
• Product transfers for existing customers also benefit, with two, three and five-year fixed rates down by 0.15%, with rates from 3.79%.

First-Time Buyer Boost

• The popular 95% loan-to-value five-year fixed-rate mortgage has been cut by 0.04% to 4.99%. This could be a significant saving for those with smaller deposits.
• The equivalent two-year fixed-rate deal has also been reduced, now standing at 5.58% – a 0.06% decrease.

Landlords Aren’t Left Out

• Buy-to-let landlords can now secure a two or five-year fixed-rate mortgage with a 1% fee, starting from 4.07% – a reduction of up to 0.14%.
• For landlords preferring a higher fee and lower rate, the two and five-year fixed rates with a 3% fee now start from 3.73% – a cut of up to 0.07%.
• The 75% LTV five-year fixed rate with a £2,195 fee has been trimmed by 0.02% to 4.16%.

Early Repayment Charges Reviewed

In addition to the rate cuts, Virgin Money has also reviewed its early repayment charges. While details of these changes are yet to be released, this could be welcome news for borrowers who may need to exit their mortgage early.

These rate cuts could represent significant savings for borrowers, particularly those with larger mortgages. It’s a competitive market for mortgages right now, so it’s a good time to compare deals and see if you could save money.