Virgin Money Slashes Remortgage Rates
Virgin Money is set to implement rate reductions on a variety of its mortgage products starting Tuesday, 23rd January, with changes applying to both remortgage exclusives and buy-to-let (BTL) exclusives.
For remortgage exclusives, the 2-year fixed rates with a £995 fee will undergo a reduction of up to 0.29%, commencing at 4.64%. The 5-year fixed rates with the same fee will see a decrease of up to 0.54%, starting at 4.19%. Furthermore, 5-year fixed rate fee-savers will experience a reduction of up to 0.54%, with rates starting from 4.39%.
In the Purchase & Remortgage £1m+ Exclusives category, the 75% loan-to-value (LTV) 2 and 5-year fixed rates with a £1,995 fee will be reduced by up to 0.40%, starting from 4.37%.
The adjustments in BTL exclusives include a reduction of up to 0.32% for 2-year fixed rates with a £2,195 fee, starting at 4.51%. The 5-year fixed rates with the same fee will see a decrease of up to 0.29%, beginning at 4.20%.
Moreover, the 2-year Virgin Money fixed remortgage rates with a 1% fee will be reduced by up to 0.65%, starting at 4.64%, and the 5-year fixed rates with a 1% fee will see a reduction of up to 0.30%, starting from 4.34%.
In addition, 2-year fixed rates with a 3% fee will be reduced by up to 0.45%, starting from 3.87%, and 5-year fixed rates with a 3% fee will see a reduction of up to 0.37%, beginning at 3.97%.
Simultaneously, Virgin Money will withdraw several mortgage products at 8 pm on Monday, 22 January. These include various fixed-rate purchase exclusives across different LTVs, ranging from 65% to 85%, as well as certain remortgage exclusives.
Pros and cons of remortgaging:
Remortgaging can offer significant advantages, such as accessing lower interest rates and potentially reducing monthly payments and overall borrowing costs. It also provides an opportunity to release equity for other financial needs or home improvements.
On the downside, there may be associated fees and costs involved in the remortgaging process, including legal fees, valuation fees, and early repayment charges. Additionally, the process can be time-consuming, and there is a possibility that the new lender may not approve the application, leading to potential setbacks. It’s essential for individuals to carefully weigh the benefits against the potential drawbacks before deciding to remortgage.