Virgin Money has announced an important product update for advisers. 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.
ANNOUNCEMENTS
WE’RE REDUCING OUR EXCLUSIVE FIXED RATES
We wanted to let you know that we’re reducing our Exclusive rates on Tuesday 31 January, supporting homemovers and remortgage customers with lower prices.
Exclusive Purchase deals with free valuation
65% LTV 5 Year Fixed Rate with £1,495 fee will be reduced by 0.11% to 4.17%
75% LTV 5 Year Fixed Rate with £1,495 fee will be reduced by 0.09% to 4.24%
85% LTV 5 Year Fixed Rate with £1,495 fee will be reduced by 0.14% to 4.43%
90% LTV 5 Year Fixed Rate with £1,495 fee will be reduced by 0.05% to 4.65%
Exclusive Purchase deals with £1,000 cashback and free valuation
75% LTV 5 Year Fixed Rate with £995 fee will be reduced by 0.11% to 4.34%
85% LTV 5 Year Fixed Rate with £995 fee will be reduced by 0.12% to 4.55%
Exclusive Remortgage deals with cashback and free valuation
Selected 65-75% LTV 2 and 5 year fixed rates will be reduced by up to 0.10%
BTL 50% LTV 5 Year Fixed Rate with £3,995 fee will be reduced by 0.20% to 4.59%
BTL 60% LTV 5 Year Fixed Rate with £3,995 fee will be reduced by 0.20% to 4.64%
65-90% LTV 2 year fixed rate reductions of up to 0.18%
75% LTV 10 Year Fixed Rate with £995 fee will be reduced by 0.11% to 3.99%
90% LTV 2 Year Fixed Rate with £995 fee will be reduced by 0.18% to 5.11%
90% LTV 2 Year Fixed Rate fee-saver will be reduced by 0.13% to 5.41%
Product transfer reductions of up to 0.18%
90% LTV 2 Year Fixed Rate with £995 fee will be reduced by 0.18% to 5.06%
65-90% LTV 2 and 3 year fixed rate fee-savers will be reduced by up to 0.13%
65% LTV 7, 10 and 15 year fixed rate fee-savers will be reduced by 0.10% to 4.19%
We’re making changes to our tracker mortgages
Following today’s decision by the Monetary Policy Committee to increase the Bank of England Base Rate to 4.00%, we’re increasing our tracker mortgage rates.
Our updated tracker rates will be available from 3 February 2023 and reflect the change to the Bank of England Base Rate. Our tracker differential will stay the same.
What about customers already in the pipeline
Pre-Offer, including applications received today
Your customer’s application will go through as normal and we’ll make an Offer that reflects the new Bank of England Base Rate.
Post-Offer (pre-completion) including Offers issued today
We’ll write to your customer to let them know about the updated Bank of England Base Rate and how it affects their monthly payment.
Completed up to and including today
These applicants will be treated as existing customers – take a look at the paragraph below for what that means.
What happens with existing customers
Customers whose mortgage rates are directly linked to the Bank of England Base Rate will be contacted to let them know their monthly payment will change on 1 April 2023, as per their mortgage terms and conditions.
You can find our current rates in our Mortgage Update. If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Regional Service Team.