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Virgin Money drops fixed mortgage rates

[ Posted June 5th, 2012 ]

The chatter among mortgage experts for the last several months has been that mortgage rates are going to start to steeply rise and that those who are not yet on fixed deals should jump in before it is too late.  With many banks such as Halifax and RSB choosing to increase their SVRs, it looks as if the experts are right and as May closes most experts are predicting that more major lenders and building societies are also going to hike their rates.  With this in mind, it is a pleasant surprise to hear that Barclays and Virgin Money have dropped their fixed deals by .2%.

Virgin Money announced at the end of this week that they have reduced some of their buy to let mortgage rates and select fixed mortgage deals by .2% to help entice property owners that want the safety of a better fixed rate in the uncertain housing market.  For landlords, the buy to let mortgage rate of 3.85% may be enticing although certain credit restrictions and a set LTV value are required in order for this deal to fully be taken advantage of.  The rate will change slightly depending on these factors.

Residential homeowners are likely to find the two year fixed mortgages to be attractive.  Those seeking a two year product will want to take a look at the 3.55% available with a high enough LTV and those who prefer the security of a five year mortgage term will want to look at the 4.09% rate.  Once again, the amount of equity that you have in your home already or LTV that you can afford will impact the final rate, but for those who have been paying much more or are stuck on an undesirable SVR this may be a great solution.

Those interested in the deals can find them available via Northern Rock Bank which was purchased by Virgin Money in 2011.  Borrowers that are interested in the deals can also head online to fill out a mortgage application or go through a registered mortgage broker.  An official statement from Virgin Money also added that customers will also be able to take advantage of the cash back incentives that are normally offered on the same products.  They also added in the statement that remortgage customers can also qualify for free valuation and free legal services.

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