Virgin Money has made changes to its residential and buy-to-let mortgage products.
The changes include a 90 per cent loan to value two year fixed rate with £495 fee at 6.60 per cent, and a new 85 per cent LTV fixed rate with £495 fee at 5.63 per cent.
New £1mn plus purchase exclusive products were also announced, with a 75 per cent LTV two year fixed rate with £1,995 fee at 6.41 per cent, and a 75 per cent LTV five year fixed rate with £1,995 fee at 5.79 per cent being launched.
Speaking on this new product, Virgin Money head of intermediary sales, Richard Walker, said: “Virgin Money has launched new purchase products for loans between £1mn - £2mn.
“For customers requiring a larger loan, our team of business development managers have access to a dedicated underwriting team to help with or to discuss an application which is complex or doesn't meet our standard lending criteria.”
Also announced were new remortgage exclusives with free valuation and £250 cashback products.
These include 60 per cent LTV two year fixed rate fee-saver at 6.36 per cent and 60 per cent, and LTV five year fixed rate fee-saver at 5.54 per cent.
Virgin Money also announced changes to current mortgage products, such as to its purchase exclusives with free valuation products.
This change will reduce the rate on its 65 per cent and 75 per cent LTV five year fixed rates with £1,295 fee by 0.02 per cent, falling from 5.21 per cent.
Changes were also announced to remortgage exclusives with free valuation and free legal products.
These include rate reductions on two year and five year fixed rates with £995 fee, being reduced by up to 0.30 per cent and 0.29 per cent respectively.
Core and product transfers were also announced with selected fixed rates being reduced by up to 0.25 per cent, from 5.18 per cent.
The announcement additionally detailed that some products will also be withdrawn from 8pm on the same day.
These products include 70 per cent LTV exclusive remortgage tracker and all new business BTL fixed rate fee-savers.
tom.dunstan@ft.com
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