Virgin Money has revealed it will be reducing a selection of rates across its Help to Buy product range this week. From equity loan rates reduced by up to 0.21%, offering 2 year fixed rate equity loans from 1.84%, to removing the previous maximum loan size of £187,500 – the lender has certainly been pulling all the stops to assist borrowers across the market, providing more support for first time buyers and home movers buying new build properties. This is especially topical in the current market, as house prices continue to rise with the average age of a first time buyer rising with them.
The lender is looking to help ease the strain for many borrowers, however. Virgin Money help to buy mortgage products now include a 2 year fixed rate a 1.84% with a £995 fee, a 2 year fix at 1.84% with £500 cashback and a £995 fee, as well as a 2 year fixed rate with £500 cashback and no product fee reduced by 0.21% to 2.38%.
As far as Virgin Money’s residential mortgage range is concerned, 2 year fixed rates have also been reduced and are now available at 75% loan to value (LTV) reduced to 2.38%, with the same reduced rate currently on offer for 2 year trackers with no product fee, also at 75% LTV.
If that wasn’t all, Mansfield Building Society has launched a new 2 year discounted rate mortgage at up to 95% LTV. The lender’s latest product is available from 3.49% for loans up to £250,000, currently for house purchases only. This comes with a £199 application fee, a £300 completion fee and an Early Repayment Charge of 2%.
This latest discounted rate follows Mansfield’s recent report of a 9.5% year on year growth in mortgage assets as part of its annual Report and Accounts for the year ending December 2015. In the same period, the lender also achieved its best ever mortgage completions of £70m, an increase of 35% on the previous year.