Virgin Money 90% capital raising remortgage with low fees
The Virgin Money 90% capital raising remortgage with low fees is one the most generous loan to value products on the market. The product offers a free valuation and basic legal service to maximise the remortgage product benefit. The application fee is also much lower than most lenders charge.
Initial Rate: 3.89% Subsequent:4.79% The overall cost for comparison is 4.6%
- Features: Fixed until 1/1/2017. Virgin Money plc’s Variable rate, currently 4.79% for 5 Years. A variable rate, currently 4.79%, with a discount of 0.25% thereafter, giving a current rate payable of 4.54%. Free basic legal service.
- Minimum deposit / equity: 10%
- Valuation fee: FREE
- Other main lender fees: Application fee £99
- Early repayment charges: 2.5% of the amount repaid in the fixed period.
MY PRODUCT COMMENTS: The high loan to value for capital raising is certainly impressive. Property prices have both risen and fallen sharply in pockets of the country this year so if you are looking to take out the maximum from your property make sure you have an accurate and up-to-date value on your property first to avoid disappointment.
MY LENDER COMMENTS: In my experience Virgin Money operates a very tight credit scoring assessment. Therefore it is vital that all of your credit has been paid on time to be successful. Please also be mindful that before consolidating debt into “one easy to manage payment” as this could result in you paying more over the term of the loan.
For more information on our range of 90% capital raising remortgage products please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 9/10/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. The product is based on a property in England (but may also be available in other countries). Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
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Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.