High street lender Virgin Money has lowered fixed rates across its ranges by up to 0.28%.
Virgin Money‘s fixed rate changes come into force from 29 August.
Within its purchase range, two- and five-year deals with a £995 fee and £300 cashback at 85% and 90% loan to value (LTV) have been lowered by up to 0.2%.
This includes its two-year fixed rate at 85% LTV, which has decreased by 0.2% to 4.74%. Its five-year equivalent has fallen by 4.34%.
Virgin Money’s purchase fee-saver products with £300 cashback from 85% to 95% LTV will fall by up to 0.28%. An example is its five-year fixed rate at 90% LTV, which will go down by 0.28% to 4.72%.
Its exclusive purchase deals at 80% and 90% LTV, including the £895 fee, fee-saver and professional deals, with £300 cashback will also fall by around 0.28%. This includes its five-year professional fee-saver product, which will decrease by 0.28% to 4.71%.
Select shared ownership rates will be reduced by up to 0.24%, with pricing starting from 4.29%.
Within its exclusive remortgage range, products at 80% LTV will fall by up to 0.09%, and rates begin from 4.52%.
Select Own New rates will be reduced by up to 0.2%, with rates starting from 0.45%, while select Retrofit Boost rates will be cut by up to 0.2%, with rates beginning from 4.29%.
Buy-to-let (BTL) rates with a £2,195 fee will fall by up to 0.14%, with rates starting from 4.17%, while deals with a 1% fee will decrease by around 0.07%, with pricing beginning from 4.34%.
Select BTL rates with 3% fee will be reduced by up to 0.02%, with rates starting from 3.88%. Select BTL rates with a £995 fee will fall by around 0.12%, with pricing starting from 4.44%.
Product transfer offerings at 65% and 75% LTV will decrease by around 0.15% and rates begin from 3.94%.
Select BTL product transfer rates will be reduced by up to 0.12%, with rates starting from 4.15%.
Virgin Money previously lowered mortgage rates last week.
MPowered Mortgages cuts fixed rate purchase and remortgage deals
MPowered Mortgages has lowered mortgage rates for the fourth time this month, with purchase and remortgage deals the focus of cuts.
The lender has lowered core rates for its two-, three- and five-year deals.
For instance, its two-year fixed purchase rate with a £999 fee from 60% to 80% LTV starts from 4.57%.
Its three-year fixed purchase rate with a £999 fee from 65% to 85% has also been lowered.
For remortgages, with fee-free deals, five-year 60% LTVs with a legal fee-saver start from 4.3%.
Stuart Cheetham, CEO of MPowered Mortgages, said: “The UK mortgage market remains incredibly competitive, all of which is fantastic news for borrowers. At MPowered, this is the fourth consecutive week that we have reduced our rates, with rates coming down by up to 0.36% over the past month. Our focus remains on providing value across the LTV range by pricing at 5% LTV intervals.
“Looking ahead, overall, we don’t expect any significant changes in mortgage rates in the short term, given that a September cut in bank base rate [BBR] now seems unlikely and future potential cuts are already priced into the swap curve. However, this market is nothing but unpredictable.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
