Virgin Money is set to adjust its fixed-rate mortgage offerings, effective from tonight.
- Rates for various loan-to-value (LTV) options will see increments, affecting green mortgages, Shared Ownership, and more.
- Core 85% LTV 2- and 5-year fixed rates will increase by 0.20%, starting at 4.59%.
- Core 95% LTV 2- and 5-year fixed rates will rise by up to 0.10%, beginning at 5.24%.
- Interested parties are advised to submit applications by 8pm to secure current rates.
Virgin Money has announced revisions to its fixed-rate mortgage offerings, which will come into effect from 8pm today. These changes will impact a range of loan-to-value (LTV) options, including those specifically designed for greener mortgages, Shared Ownership, and first-time buyers.
In the latest adjustment, the Core 85% LTV 2- and 5-year fixed rates will witness a rise of 0.20%, marking a new starting rate of 4.59%. Equally, the Core 95% LTV 2- and 5-year fixed rates will experience an increment of up to 0.10%, with new rates beginning at 5.24%. These mortgages are popular with homebuyers due to their favourable terms and the predictability they offer over financial commitments.
Additionally, the Greener 85% LTV fixed-rate mortgages will also see a 0.20% increase, establishing a starting rate of 4.59%. Meanwhile, Shared Ownership 85% LTV fixed-rate mortgages will rise by 0.20%, resulting in a new starting rate of 4.42%. Such changes reflect the bank’s strategic approach to balance environmental initiatives with financial viability.
For newly built properties, the Own New 85% LTV fixed-rate mortgages will implement a 0.20% rise, now beginning at 2.06%. This product caters to buyers investing in new construction properties and indicates the bank’s continued support in facilitating homeownership for specific market segments.
Among the offerings available for both purchasing and remortgaging, the Retrofit Boost 85% LTV 5-year Fixed Rate mortgage will increase by 0.20%, resulting in a new rate of 4.84%. This adjustment underscores the institution’s response to evolving market conditions while continuing to provide options for diverse customer needs.
Virgin Money advises mortgage brokers and applicants who wish to secure the existing rates to submit their applications by 8pm tonight before the new rates come into force.
The adjustments in rates by Virgin Money signify a strategic response to current market conditions.
