Virgin Money to launch new mortgage products with free valuation

06 September 2024

Virgin Money is set to introduce a range of new mortgage products as of tomorrow, Friday 6 September, available with a free valuation for purchase customers.

Remortgage customers will benefit from a free valuation and £250 cashback.

Among the new offerings are several fixed-rate options, with different loan-to-value (LTV) ratios and fee structures, providing a variety of choices for both residential and buy-to-let borrowers.

For residential purchases, the new products under the Fix and Switch range with a 2-year early repayment charge (ERC) include a 5-year fixed rate at 5.19% with a £1,495 fee for loans at 90% LTV.

There is also a fee-saver 5-year fixed rate at 4.93% for loans at 80% LTV, and a fee-saver 5-year fixed rate at 5.44% for loans at 90% LTV. For those seeking a 95% LTV option, Virgin Money is offering a fee-saver 5-year fixed rate at 5.73%.

Exclusive remortgage products under the Fix and Switch fee-saver range with a 2-year ERC include a 75% LTV, 5-year fixed rate at 4.85%, and an 85% LTV, 5-year fixed rate at 5.39%.

For buy-to-let (BTL) borrowers, Virgin Money will launch several options.

Under the Fix and Switch range with a £495 fee and a 2-year ERC, the products include a 60% LTV, 5-year fixed rate at 4.85%, and a 75% LTV, 5-year fixed rate at 4.99%.

Virgin Money will also introduce buy-to-let products with no fee under the Fix and Switch fee-saver range, featuring a 60% LTV, 5-year fixed rate at 5.12%, and a 75% LTV, 5-year fixed rate at 5.22%.

Additionally, Virgin Money’s exclusive BTL portfolio range, available with a £495 fee and a 2-year ERC, will feature a 60% LTV, 5-year fixed rate at 5.05%, and a 75% LTV, 5-year fixed rate at 5.19%.

The BTL portfolio fee-saver range will also offer a 60% LTV, 5-year fixed rate at 5.32%, and a 75% LTV, 5-year fixed rate at 5.42%.

In conjunction with the launch of these new products, Virgin Money will withdraw all existing Fix and Switch 5-year fixed-rate products as well as the 70% LTV exclusive remortgage fixed rates.

These will be withdrawn by 8pm today, 5 September.

Any applications for these products must be submitted by the 8pm deadline.