Virgin Money launches 4.71% five-year fix broker exclusive

by Aaron Strutt

Oct 18 2023

Virgin Money for Intermediaries has launched one of the lowest five-year fixes.

The 4.71% rate is available to borrowers purchasing a property and it is exclusively available through brokers - like Trinity Financial. The mortgage is fixed until 1 February 2028 and applicants will need a 35% deposit to qualify.

After the fixed period, the mortgage reverts to the lender's current 9.49% standard variable rate, and there is a £1,295 arrangement fee. The overall cost for comparison is 7.5% APRC representative.

Aaron Strutt, product director at Trinity Financial, says: "There is a reasonable chance we will see five-year fixes prices closer to 4.5% over the next few months. Bank and building societies will push to get more business, especially as we get closer to Christmas. Over ten lenders now offer sub-5% two, three, five and seven-year fixes." 

The maximum loan size on Virgin Money's 4.71% rate is £1 million, and the equivalent remortgage version of this rate is 0.14% higher.

Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis until 01 February 2028 at 4.71% and then on the bank's standard variable rate currently 9.49% for the remaining 25 years, 4.71% would require 62 monthly repayments of £2,431.73 followed by 358 payments of £3,928.41. The total amount repayable would be £1,558,458.04 made up of the loan amount, plus interest (£1,057,136.98 and £1,295 (product fee), £0 (final repayment charge), £25 (completion fee). The overall cost for comparison is 7.9% APRC representative.    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change

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