Virgin Money reduces exclusive rates by up to 36bps, updates cladding policy  

By: ameer@trustedteam.com

Virgin Money has cut rates on a range of purchase, remortgage and landlord exclusives, as well as other deals, by up to 36 basis points.  

Virgin-Money.jpg

The lender has also updated its cladding policy.  

Highlights of its reductions include:  

Purchase exclusives  

  • 85% loan to value and 90% LTV two- and five-year fixed-rate deals, with a £1,295 fee, down by up to 10bps, starting at 4.58%  

Remortgage exclusives with 1% fee  

  • 70% LTV two-year Fixes, with a 1% fee, down by 20bps at 4.69%  

Buy-to-let exclusives  

  • Five-year fixes, with a 1% fee, down by up to 32bps, starting at 4.74%  
  • Five-year fixes, with a 3% fee, down by up to 22bps, starting from 4.44%  

Further reductions  

  • Purchase and remortgage core fixes, down by up to 36bps, starting from 4.54%.  
  • Residential and BTL product transfer fixes, down by up to 30bps, starting from 4.66%  

The lender adds that it has updated its External Wall System cladding policy.  

It will now consider cases with an EWS1 form with ratings at A3 or B2 — this rating had previously meant that a property would have been declined where affected by cladding and remediation is required.  

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