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The bank, which is the UK’s biggest mortgage lender, has cut rates across its range, including for first-time buyers, new build, shared equity and large loan mortgages. Virgin has also launched new fee-free remortgage deals, exclusive to brokers, with the two-year fixed rate at 6.36percent and the five-year fix at 5.54percent. Virgin Moneyis cutting the cost of fixed rate mortgages for new and existing customers by up to 0.3 percentage points. Its five-year fixed rate for residential remortgage is now at 5.44percent with a 999 fee (60percent LTV).
It comes the day after the lender raised rates for residential remortgage customers by up to 0.25 percentage points . Virgin has also cut buy-to-let fixed rates by up to 1.5 percentage points. Foundation Home Loans, the specialist broker-only lender, is cutting fixed rates on buy-to-let loans by up to 0.75 percentage points.
HSBC has cut selected fixed rates by up to 0.11 percentage points as it aims to grab a larger share of the mortgage market. Bank of Ireland has increased fixed rates on its bespoke product switch deals, for existing customers looking for a new fixed rate. For example, its two-year fixed rates are up from 5.16percent to 5.26percent, while five-year rates have risen from 4.85percent to 4.95percent. Two- and three-year fixed rates for first-time buyers and home movers with up to a 20percent cash deposit have been cut by up to 0.15 percentage points.
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Nationwide is offering a two-year fix at 6.44percent (down by 0.29 percentage points) with a 999 fee for buyers with just a 5percent cash deposit. Specialist buy-to-let lender Precise Mortgages has cut fixed rates, available through brokers, for the second time in as many weeks. Among the new deals, available from tomorrow will be lower two-year fixed rates with refunded valuations and 300 cashback for new borrowers. Santander’s new rates apply to fee-free fixed rate purchase deals over two, three and five-years.
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