As lenders reacted to the Monetary Policy Committee’s (MPC’s) vote to cut the Bank of England base rate to 4.5%, Virgin Money also cut rates.
There are a number of rates available below the base rate, while the average two-year fixed residential mortgage rate is 5.39% and the five-year equivalent sits at 5.23%.
Nationwide joined several lenders in offering sub-4% deals following the movements made by Santander, HSBC and Barclays.
The mutual dropped select two-, three- and five-year fixed mortgage rates by up to 0.25%.
Nationwide nudges rates downwards
Its lowest mortgage rate now stands at 3.99% and is available to existing customers looking to move to a new deal and to new customers looking to remortgage.
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Within its switcher range, which is for existing customers coming to the end of their current mortgage deal, select two-, three- and five-year products up to 90% loan to value (LTV) have been cut, with rates starting from 3.99%.
This includes its five-year fixed rate at 60% LTV with a £999 fee at 3.99%, a fall of 0.13%. Its two-year fixed rate at 60% LTV with a £999 fee was cut by 0.15% to 4.09%.
The lender’s five-year fixed rate at 75% LTV with no fee has been reduced by 0.17% to 4.32%.
Virgin Money’s reductions
Virgin Money has confirmed that it will lower select buy-to-let (BTL) purchase and remortgage rates, along with BTL product transfer mortgage rates, from 28 February.
Within its BTL purchase and remortgage range, two-year fixed rates with a £995 fee will be reduced by 0.1%, along with its fee-saver equivalents.
Five-year fixed rates with a £995 fee and the fee-free option will be cut by 0.05%.
On the BTL product transfer side, two- and three-year fixed rates will be lowered by 0.1%, and its five-year fixed rates will decrease by 0.05%.
HSBC’s rates head below 4%
HSBC has also reduced mortgage rates across the board, with pricing going below 4% in some cases.
Within its residential existing customer switching and borrowing range, select deals up to 95% LTV were slashed, and pricing starts from 3.98%.
Select first-time buyer products and some of its energy-efficient parallels have been reduced up to 95% LTV in some cases, with rates beginning from 4.19%.
Residential homemover and its energy-efficient equivalents were also reduced, including a variety of products up to 95% LTV, with rates starting from 4.19%.
Pricing begins from 4.19% for residential remortgage deals up to 85% LTV, including two- and five-year standard and fee-saver deals, and the remortgage cashback and remortgage energy-efficient home ranges up to 90% LTV were lowered.
On the BTL side, HSBC’s two- and five-year deals with no fee, standard and £3,999 fee were cut from 60% to 75% LTV. Rates start from 4.04%.
Existing customer switching and existing customer borrowing more rates were decreased. This included two-year fixed rate standard products and five-year fee-saver deals from 65% to 75% LTV, as well as two-year fee-saver deals. Rates are priced from 4.19%.
From a BTL remortgage perspective, HSBC’s two- and five-year deals with no fee, standard and a £3,999 fee have been cut from 60% to 75% LTV. Pricing starts from 3.94%.
In its international residential range, two-, three- and five-year fixed rates from 60% to 75% LTV have been cut, along with two- and five-year premier exclusive products. Prices start from 4.57%.
Within its international BTL range, two- and five-year fixed rates with standard and no fees from 60% to 75% LTV have been cut. Rates begin from 4.69%.
Rates for this article were taken from YourMoney.com’s sister publication Mortgage Solutions
