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 MAKING CHANGES TO OUR TRACKER MORTGAGES
Following today’s decision by the Monetary Policy Committee to increase the Bank of England Base Rate to 4.50%, we’re increasing our tracker mortgage rates.
Our updated tracker rates will be available from 12 May 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 July 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.