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 LAUNCHING NEW EXCLUSIVES
We wanted to let you know that we’re launching the following Virgin Money New Business products on Tuesday 25 July.
Exclusive Purchase deals with free valuation
- NEW 5 year fixed rates up to 90% LTV with £1,495 fee, starting from 5.38%.
Exclusive Remortgage deals with free valuation and £500 cashback
- NEW 2 & 5 year fixed rates at 70% LTV with £1,495 fee, from 5.59%.
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.
WE’RE MAKING CHANGES TO OUR RATES
Following the decision by the Monetary Policy Committee on 22 June 2023 to increase the Bank of England Base Rate to 5.00%, we’re making some changes.
On 3 August 2023, we’ll increase the following Virgin Money variable rates:
- Our Standard Variable Rate will move to 9.24%.
- Our Buy To Let Variable Rate will move to 9.44%.
What happens with existing customers
Virgin Money customers who are affected by these changes will be contacted to let them know their rate and monthly repayment will change on 1 September 2023.
If you’ve got any questions, you can get in touch with your Business Development Manager.
Our duty to your customers
Since April, when we wrote to you about our Consumer Duty Mortgage Product Attestations, we’ve been reviewing our products to make sure they provide your customers with fair value.
Quick recap
In case you missed them first time round, our attestations are intended to give you confidence in recommending Virgin Money products and services, by being sure they meet the Consumer Duty outcomes.
Our promise
We promise our attestations will always be up to date and aligned with our current products, and that we’ll review and re-issue them when we need to. To view our attestations for residential lending, visit:
Virgin Money – Consumer Duty Attestations – C&I and IO
Just so you know, this is just for mortgage brokers, and you’ll always be able to view the latest version on our intermediary website.
We’re here for you
If you’ve got any questions, just get in touch with your Business Development Manager, who’ll be more than happy to help.