Virgin Money broadcasts ‘significant’ cuts to mortgage charges

Dec 13, 2023 at 6:41 PM
Virgin Money broadcasts ‘significant’ cuts to mortgage charges

Here is a breakdown of the newest modifications to mortgage charges by Virgin Money as of December 14, 2023:

Remortgage Exclusives with 1% Fee

  • 60% LTV 2 Year Fixed Rate with 1% price might be decreased by 0.20%, at 4.59%.
  • 70% LTV 2 Year Fixed Rate with 1% price might be decreased by 0.20%, at 4.69%.

BTL Exclusives

  • 2 & 5 12 months fastened charges with £2,195 price might be decreased by 0.05%, ranging from 4.59%.
  • 5 12 months fastened charges with 1% price might be decreased by up 0.32%, ranging from 4.74%.
  • 2 12 months fastened charges with 3% price might be decreased by 0.15%, ranging from 4.52%.
  • 5 12 months fastened charges with 3% price might be decreased by as much as 0.22%, ranging from 4.44%.

Further chosen reductions

  • Purchase & Remortgage core fastened charges might be decreased by as much as 0.36%, ranging from 4.54%.
  • Residential & BTL Product Transfer fastened charges might be decreased by as much as 0.30%, ranging from 4.66%.

Brokers reacted positively to the news of Virgin Money’s determination to chop interest rates even additional.

Justin Moy, a managing director at EHF Mortgages, believes different lenders will comply with swimsuit following the monetary establishment’s determination.

He defined: “These are significant rate cuts from Virgin Money and will make the rest of the high street lenders wake up from their Christmas snooze.

“With rates firmly in the four percent range, what’s not to like? This may be due to improving Swap rates and the underwhelming GDP data, but Virgin have made a real statement of intent today, for the benefit of their borrowers and the wider market.”

Speaking to Newspage, Matthew Jackson, director of Mint FS, highlighted the pondering of many mortgage lenders.

Mr Jackson added: “It would appear that we’re ending the 12 months with a flourish of reductions from lenders, which is nothing however optimistic news for patrons, remortgagers and brokers as we head into 2024.

“Despite the poor GDP figures revealed at the moment, lenders proceed to compete for enterprise as they give the impression of being to safe transactions to assist them obtain their 2023 lending forecasts.

“In a 12 months that has seen extra damaging traits than optimistic ones within the mortgage market, hopefully, this can be a signal of an bettering market as we enter 2024.”