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Virgin Money Latest to Cut Fixed Rates

ended 30. June 2026

Virgin's email this afternoon :

Decent cuts mostly for residential purchase, remortgage and retention.

The latest lender to cut rates, as the relative stillness in the Middle East gives lenders some cheaper Swap rates to play with.

Comments, please, on these and on the rest of the week, any other changes on the horizon?

5 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
Decent rate reductions from Virgin Money as they look to fall in line with other lenders who have cut rates over the last week or so. The relative calm in the Middle East makes for an interesting time for money markets, as they also look to absorb the direction of the Prime Minister-elect too - whether inflationary pressure, or a government spenfing more than can it afford, this is a good time to jump on a deal if you need a new rate by the end of 2026 - yes we can help anyone with rates due by Christmas...
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David Stirling
Independent Financial Adviser at Mint Wealth
A relative stillness in the Middle East has nudged swap rates lower and lenders are moving quickly to take advantage, passing at least some of the saving on to borrowers. With the Bank of England holding at 3.75% but further cuts still expected before year end, this is unlikely to be the last move we see. If your fixed rate is ending soon, the market is finally moving in your favour. Don't wait for it to move further.
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Nouran Moustafa
Practice Principal & IFA at Roxton Wealth
Virgin's reductions are a positive signal because they cover the three moments that matter most: purchase, remortgage and retention. It shows lenders are willing to compete again after the sharp repricing when Middle East tensions pushed up oil, inflation expectations and swap rates.

But borrowers should not see this as a promise that rates are now on a straight line down. Mortgage pricing is driven by daily swap markets, not just the Bank of England, and one inflation surprise or geopolitical shock could see lenders pull products or reprice upwards.

I expect further targeted cuts this week, particularly for lower-LTV borrowers and lenders looking to win remortgage business. But the smart move is not to gamble on the perfect rate. Secure a product that works for your affordability and plans, then review it before completion where the lender permits a rate switch. A lower headline rate means little if the fees, incentives and tie-in do not fit the client’s real life.
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Darani Ganesharajah
Mortgage Broker at Springtide Capital
More rate cuts this week as swap rates continue to ease.
Not every lender can move as quickly as the big players, but it's great to see more joining the party while funding costs improve.
Interesting timing too, with Clydesdale winding down. Virgin Money clearly isn't taking a step back—if anything, it looks like they're pushing even harder for market share.
Good news for brokers. Better news for borrowers.
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Jamie Elvin
Director at Strive Mortgages
Virgin Money’s latest reductions are another sign that lenders are becoming increasingly confident on pricing. The cuts themselves are modest, but the significance is that they’re spread across purchases, remortgages and product transfers, suggesting this isn’t simply a tactical tweak but a broader push for market share. If swap rates remain where they are, I’d expect further reductions from other lenders over the coming days. That said, borrowers shouldn’t try to second-guess the market. A good deal today is often worth far more than waiting in the hope of shaving another 0.10% off the rate, particularly when lenders allow you to switch onto a cheaper product before completion. The market has clearly shifted over the past fortnight. For the first time in a while, lenders are competing more aggressively for new business, and that’s good news for borrowers.