Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Virgin Money Reduces Fixed Mortgage Rates
Virgin Money has announced reductions to its mortgage rates across purchase, remortgage, and product transfer products, effective immediately. The changes include rate cuts of up to 0.20% on 10-year fixed purchase rates, up to 0.15% on two-year fixed purchase rates, and up to 0.10% on five-year fixed purchase rates. Shared ownership fixed rates have also been reduced by as much as 0.10%.
For remortgage products, two-year fixed rates have been cut by up to 0.19%, and five-year fixed rates by up to 0.16%. Selected product transfer two-year fixes have been reduced by as much as 0.14%, three-year fixes by up to 0.06%, and five-year fixes by up to 0.07%.
Buy-to-let (BTL) product transfer selected two-, three-, and five-year fixed rates have also seen reductions of up to 0.15%.
These changes may be relevant to letting agents and inventory clerks monitoring mortgage rate trends, as they could impact landlord and investor decisions regarding buy-to-let properties and remortgaging options.
Source: Mortgage Strategy