Virgin Money for Intermediaries has launched a leading 2.25% fixed mortgage and the rate expires on 1 January 2020.
After the fixed period the mortgage will revert to the lender’s standard variable rate, which is currently 4.79%. The overall cost for comparison is 4% APR.
Aaron Strutt, product manager at Trinity Financial, says: “We can expect to see the lenders fighting even harder to attract new customers as we move into to the last quarter of the year. Over the last week a host of lenders have improved their rates to specifically target first-time buyers.”
In order to qualify for Virgin’s rate, borrowers will need a 35% deposit and a strong credit history. The rate has a competitively priced £995 arrangement fee and the maximum loan size is £1 million. Up to 10% of the mortgage can be repaid each year without an early repayment charge.
For help to secure a leading mortgage, call Trinity on 020 7016 0790.