Virgin Money has updated its mortgage range and reduced the rate on its two-year variable mortgage by 0.10%, giving it a sharpened edge in the mortgage market.
Virgin's two-year variable mortgage now has a rate of 1.75% to 1.11.16. After this time, the rate will revert to 4.79% for 58 months, before dropping to 4.54% for the remainder of the mortgage loan.
This 70% loan-to-value (LTV) mortgage has a reasonable fee of £995 and is available to first-time buyers, as well as second-time buyers and those looking to remortgage.
It's possible to make overpayments in a lump sum or by a regular method. Capital can be reduced by up to 10% of the outstanding balance per year. Underpayments are not permitted, but it is possible to arrange payment holidays.
An incentive package of free valuation and free legal fees is available for remortgage customers.
This mortgage offers a highly competitive rate, which is one of the lowest for its term. The option to take payment holidays and make overpayments gives this mortgage flexibility, and the incentive package for remortgage customers is likely to be very appealing.
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