Summary:
Virgin Money has introduced new mortgage deals and rate reductions, effective from 28 October. Key offerings include two-year ERC-free tracker rates starting at 4.29% and remortgage products with rates as low as 3.99%. Additionally, Principality Intermediaries has reduced rates on various residential and new build products. These changes aim to provide borrowers with more competitive options amid fluctuating market conditions.
What This Means for You:
- Consider switching to Virgin Money’s new ERC-free tracker rates if you seek flexibility and lower initial costs.
- Explore remortgage options with rates starting at 3.99% to potentially reduce your monthly repayments.
- Take advantage of Principality’s reduced rates on residential and new build products for better affordability.
- Act quickly, as Virgin Money will withdraw certain purchase and remortgage products today at 8pm.
Original Post:
Virgin Money has announced product changes that will launch tomorrow (28 October).
The lender has added two-year ERC free tracker rates with a fee of £999 with rates starting from 4.29% and two-year ERC free tracker rate fee-savers with rates launching from 4.99%.
It has also added remortgage products, including two-year fixed rates with a fee of £999 with rates starting from 3.99%, while five-year equivalent products have rates staring from 4.04%.
In addition, Virgin has launched new product transfer rates. There will be new two-year fixed rates with a fee of £1,999 and rates starting from 3.79% as well as two-year fixed rates with a fee of £999 and rates starting from 3.89%.
Also being launched will be three-year fixed rates with a fee of £999 with rates starting from 3.99%, five-year fixed rates with a fee of £1,999 with rates starting from 3.86%, five-year fixed rates with a fee of £999 with rates starting from 3.94%.
In the same range, Virgin has made changes selected two-, three- and five-year fixed rate fee-savers. Rates have been increased by up to 0.20% or reduced by up to 0.21%.
Virgin will also withdraw purchase, remortgage, BTL and product transfer from today at 8pm.
Elsewhere, Principality Intermediaries has made rate decreases.
The lender’s residential two-year fixed 75% loan-to-value (LTV) with no product fee has been lowered by 0.12%. It has also cut two-year fixed 90% LTV products by up to 0.10%.
Residential products with cashback have also been lowered, two-year fixed rates at 75% LTV have gone down by 0.10% while five-year fixed rates at 75% LTV have been reduced 0.08%.
Principality has also trimmed new build two-year fixed Help to Buy (Wales) products at 75% LTV by 0.15%.
In addition, the lender’s five-year fixed product at 60% LTV with a fee of £1,395 has gone down by 0.15%.
Extra Information:
For more insights on mortgage rates, check out Money Advice Service and Which? for detailed guides on understanding mortgage options and trends.
People Also Ask About:
- What are ERC-free tracker rates? ERC-free tracker rates allow borrowers to switch mortgages without incurring early repayment charges.
- How do remortgage products work? Remortgage products enable homeowners to replace their current mortgage with a new one, often at a lower rate.
- What is a loan-to-value (LTV) ratio? LTV ratio represents the percentage of a property’s value that is being borrowed.
- Why are mortgage rates changing? Mortgage rates fluctuate in response to economic conditions and lender competition.
Expert Opinion:
These rate adjustments by Virgin Money and Principality reflect a strategic move to attract borrowers in a competitive market. With inflation and interest rates still volatile, borrowers should carefully assess their options to secure the best possible terms.
Key Terms:
- ERC-free tracker rates
- Remortgage products
- Fixed-rate mortgages
- Loan-to-value (LTV) ratio
- Mortgage rate reductions
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