Virgin Money has announced significant updates to its mortgage products, impacting a variety of customers, from first-time buyers to seasoned landlords. The changes include rate adjustments and the introduction of new deals designed to cater to different housing needs. Here’s everything you need to know about the latest updates from Virgin Money, set to take effect from 30 May.
Virgin Money is set to launch several new mortgage products, expanding its portfolio to meet more diverse customer needs. A key highlight is the introduction of a five-year fixed rate “greener new build” mortgage. This product is tailored for purchasers of new build homes that meet certain environmental standards. It comes with a rate of 4.87%, a £995 arrangement fee, and offers £300 cashback, making it an appealing option for eco-conscious buyers.
Enhancements in Product Transfer Range
For existing customers looking to switch their current mortgage product, Virgin Money is enhancing its offerings with a new residential two-year, early repayment charge (ERC) free tracker mortgage. This product is particularly attractive for those seeking flexibility as it allows borrowers to repay their loan early without incurring penalties. The mortgage has a £495 fee and is priced at a 6.19% interest rate.
Additionally, the bank is introducing a similar ERC-free tracker option within its buy-to-let (BTL) range. This two-year tracker comes with a £995 fee and an interest rate of 6.45%, catering to landlords who prefer having the option to make early repayments without a financial penalty.
Updates to Shared Ownership and Flexible Tracker Products
Changes are also afoot for shared ownership customers. A two-year fixed-rate mortgage aimed at shared ownership borrowers will now feature an “fee-saver” option, ideal for those looking to minimise upfront costs. This product is available up to 85% loan to value (LTV) and will see a slight rate increase of 0.1%, bringing it to 5.39%.
In addition, Virgin Money is adjusting its flexible tracker product transfer, which also supports up to 85% LTV. This mortgage will now offer a reduced rate, decreasing by 0.24% to 6.15%, accompanied by a £995 fee. This adjustment provides a more competitive rate for borrowers who need flexibility in their mortgage terms.