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Virgin Money to cut certain mortgage rates

26th September 2012 | back to article listings BACK    print this article PRINT

Cutting some interest rates in its buy-to-let and residential mortgage range will support the housing market with new lending, Virgin Money has said.

The updated rates on selected products will be available from this week, the company said.

Richard Tugwell, Virgin Money's intermediary sales director, said the lower rates and increased cash-back offers would benefit buy-to-let investment customers in particular.

He added: "We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending."

The cuts include a 0.1% reduction to 2.79%, with a 995 product fee, for the two-year fixed rate for residential customers - which is available with up to 60% loan-to-value (LTV).

Virgin Money's two-year fixed deal with up to 70% LTV, meanwhile, will be cut by 0.16% to 2.99% - with the 995 product fee - and by 0.2% to 3.35% with no product fee.

Some tracker rates will also be cut. A two-year tracker with up to 70% LTV will drop by 0.16% to 2.99% with a 995 fee and by 0.2% to 3.35% with no product charge.

Copyright Press Association 2012

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