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Virgin Money unveils 7-day remortgage "flash sale"

Journalist: Riz Malik

ended 10. August 2023

Virgin Money is launching new products on Friday 11th August. These include new remortgage deals available for 7 days until 8pm on Thursday 17th August.

Their new products include:-

Remortgage Exclusives - 7 Day Special with £1,495 fee and £750 cashback (These 7 Day Special Remortgage Exclusives are available until 8pm on Thursday 17 August)

NEW 65% LTV 2 Year Fixed Rate at 5.99%.
NEW 80% LTV 2 Year Fixed Rate at 6.10%.
NEW 65% LTV 5 Year Fixed Rate at 5.44%.
NEW 80% LTV 5 Year Fixed Rate at 5.60%.

In addition, they are launching Buy to Let Exclusives with free valuation and free legals.

 NEW 70% LTV 2 Year Fixed Rate with £2,195 fee at 5.88%.
NEW 50% LTV 5 Year Fixed Rate with £2,195 fee at 5.32%.
NEW 60% LTV 5 Year Fixed Rate with £2,195 fee at 5.37%.
NEW 70% LTV 5 Year Fixed Rate with £2,195 fee at 5.52%.

Amid shifts from other lenders, UK newswire, Newspage, sought the views of brokers, which can be found below.

6 responses from the Newspage community

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Ben Tadd
Director at Lucra Mortgages
This latest rate cut from Virgin is a further indicator that we are now seeing the start of a price war, both in the residential and buy-to-let markets, and it will be very welcome news for those homeowners and landlords due to remortgage in the next 6-12 months. Although not quite market-leading, the new rates are very competitive versus the majority of other products currently available, and will only help to provide further impetus for other lenders to follow suit and slash their rates to grab their slice of market share, too.
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Gary Boakes
Director at Verve Financial
Great news short term, and what I believe will be a sign of things to come over the next three months. Lenders will be looking to win quick bulk business with market-leading rates. This is great if you are lucky to be remortgaging this week, but long term this is not what the market needs. We need the market to be stable, all the increasing and decreasing every 5 minutes means that purchases hold on and don't commit. We have seen from the first half of the year that higher rates don't put off purchasers when the rates and market are more stable.
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Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Virgin's latest offerings indicate we're now fully in a mortgage market price war. This is not only great news for residential borrowers but also a silver lining for buy-to-let landlords who've felt sidelined. Lately, I've been getting excited when I see emails from lenders in my inbox, a feeling I haven't experienced for much of 2023.
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Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
This is all about the target on lending volumes that needs to be hit by Virgin Money. The deals are not necessarily market-leading, especially given the fees attached, but they at least put them in the mix with the other lenders who have reduced their rates recently.
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
Another product update from lenders and another sign that a mortgage rate war is heating up with lenders once more competing for business in a settled market and with targets to hit. All this is great news for borrowers who could see hefty rate reductions over the coming weeks for new deals.
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Graham Cox
Director at Bridging Hub
This is more evidence the tide has turned on the mortgage front, with lenders falling over themselves to slash rates this week. Very welcome news indeed. A lot of the major lenders have been working at under-capacity for several months now and this flash sale would appear to be Virgin's way of getting business in quickly.