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TODAY'S OTHER NEWS

Virgin Money cuts price of fixed-rate loans

Lender Virgin Money has announced improvements to its range of residential mortgages, along with the temporary removal of its £99 application fee.

Then lender has revamped its three-year deal on loans worth up to 80% of the property’s value: this is now priced at 2.39% a year, down from 2.59%, and is available for borrowing up to £1 million.

It comes with a £995 fee, as well as an incentive of a £300 cash rebate for house buyers, or free valuations and legal fees for remortgagers.

A spokesman for Moneyfacts.co.uk said: “Those looking to borrow with a high street lender will be excited by this latest update from Virgin Money. Priced at 2.39%, this three-year fixed rate is highly competitive and sits towards the top of the market. The addition of a great incentive package means that this is likely to be a popular choice with borrowers.”

Virgin has also cut the rate on its five-year fixed-rate mortgage at 90% LTV to 3.99%. This comes with no product fee, and £500 cashback for first-time buyers or £300 cashback for those moving up the ladder.

Peter Rogerson, Virgin Money’s commercial director for mortgages, added: "We’re delighted to announce these latest improvements to our residential mortgage range which includes the removal of the £99 application fee for a limited period. We continue to develop our mortgage proposition in line with the commitments we announced earlier in the year and help borrowers across all segments of the mortgage market."

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