Virgin Money has just made a bunch of changes to its mortgage deals, and it’s worth knowing if you’re one of the lucky ones. They’ve been adjusting rates, launching new products, and even pulling some deals altogether. Let’s break it down so you can see if these changes affect you.

New Deals, New Rates:

Virgin Money has launched a whole set of new mortgage deals, both for buying and remortgaging.

The new remortgage options offer fixed rates for two or five years, with fees of £895. They also come with free valuations and legal fees – a handy perk!

Here are the new rates:

• Remortgage (80% LTV):
  • 2-year fixed: 5.39%
  • 5-year fixed: 4.84%
  • 2-year fixed (fee-saver): 5.84%
  • 5-year fixed (fee-saver): 5.12%
• Purchase (75% or 80% LTV):
  • 5-year fixed: 4.56% – 4.80% (depending on the LTV and whether it’s a fee-saver)

But there’s a bonus: These new products come with £300 cashback for buyers. So if you’re thinking of moving, these could be good options.

Rate Rises & Reductions:

Virgin Money isn’t just launching new deals. They’re also tweaking some of their existing ones:

• Higher Rates for Some Buyers: If you’re going for a Fix and Switch Purchase mortgage, you might see your rate go up by 0.10%.
• Small Increase for 90% LTV: If you’re looking to buy a new home with a 90% mortgage, the two-year fixed rates have gone up by a tiny 0.05%.
• Better Deals for Buy-to-Let: The good news is that some buy-to-let rates have gone down! You can save 0.02% on 3% fee fixed rates, and even more on 5-year fixed rates with a 1% fee.

Products Getting Pulled:

It’s not all sunshine and rainbows. Virgin Money is also withdrawing some products:

• 90% Purchase Exclusive: The five-year fixed rate fee-saver with 90% LTV is disappearing after 8pm tonight (June 5th). If you’re interested in this deal, you’d better act fast!

What Should You Do?

If you’re looking to get a mortgage, the best thing to do is to shop around. This is especially true now that Virgin Money has made so many changes.

Don’t be afraid to talk to a mortgage broker. They can help you compare deals and find the best one for your needs.

Remember, rates and products can change quickly, so don’t wait too long to decide!