Virgin Money has announced an importan product update for advisers. For full details see their latest product update here but do take care to note the date of the update. Virgin Money products and support with the lender, including same day payment on completion, is all available accessible through our direct to lender mortgage club. Contact us for more information.
Product Changes x2
From Friday 17 July, we will reduce selected rates in our product range. Changes will apply to residential rates at 65% LTV and BTL rates at 75% LTV to help your customers who are looking to fix at a lower rate.
Intermediary Exclusives
• 65% LTV 5 Year Fixed Rate with £995 fee will be reduced to 1.39% with £500 cashback and free valuation for remortgage customers only
Core
• 65% LTV 5 Year Fixed Rate with £995 fee will be reduced to 1.39% with free valuation for purchase customers or free valuation and free legals for remortgage customers
• BTL 75% LTV 2 and 3 year fixed rate with £1,995 fee will be reduced to 1.64%
• BTL 75% LTV 5 Year Fixed Rate with £995 fee will be reduced to 2.14%
Portfolio Landlords
• BTL 75% LTV 2 Year Fixed Rate with £1,995 fee will be reduced to 1.74%
• BTL 75% LTV 5 Year Fixed Rate with £995 fee will be reduced to 2.24%
As communicated on Wednesday, we will also make the following changes:
• Selected 85% LTV fixed rates will be increased by up to 0.20%
• Selected 90% LTV Shared Ownership fixed rates will be increased by up to 0.29%
• Selected 80% LTV BTL products will be withdrawn
PLUS THE EARLIER ANNOUNCEMENT
At 8pm on Thursday 16 July we will amend the following Core products:
• | Selected 85% LTV fixed rates will be increased by up to 0.20% |
• | Selected Shared Ownership 90% LTV fixed rates will be increased by up to 0.29% |
• | Selected BTL 80% LTV fixed rates will be withdrawn |
All other rates will either remain unchanged or be reduced.
In line with our commitments, we are giving you at least 24 hours’ notice of this product withdrawal. To avoid disappointment, please submit any outstanding applications on these deals as soon as possible.
End dates remain at 1 November of the relevant year.