Virgin Money have given first time buyers a boost with reductions to their interest rates on a number of mortgages across their range.
The updated range will be available from 7 December 2012 and the main changes are focused on helping those borrowers who have a smaller deposit, including first time buyers.
For a borrower with a 10% deposit, a two year fixed rate is available at 4.99%, a reduction of 0.90%. Loans up to 85% LTV will be available from 4.09% (0.70% lower) and 80% LTV from 3.59% (0.60% lower) (all with a £995 product fee).
Reductions have also been made at lower LTVs. Two year fixed rates at 60% LTV will be available at 2.64%, (with a £995 product fee), with the equivalent at 70% LTV available from 2.75%, a reduction of 0.13%. A 75% LTV at the two year fixed rate will reduce by 0.30% to 2.99%.
Further reductions have also been made to the Fee Saver range of products with a two year fixed rate at 90% available at 5.39%, a reduction of 0.80%. The equivalent 85% LTV product is available at 4.59% and the 80% LTV product is available at 3.99%, a reduction of 0.49% and 0.59% respectively.
A number of updates to the buy to let range have also been made. A two year fixed rate up to 60% LTV will be available at 3.89%, or up to 70% LTV at 4.25%. Both products have a £1,995 product fee. For those products with a £995 product fee, a two year fixed rate up to 60% LTV will be available at 4.45%, and up to 70% LTV at 4.59%. £500 cashback remains available across all buy to let products.
For more information on these great mortgage deals call Integrity IFA now on 01316530588