Virgin Money Introduces “Fix and Switch”

Virgin Money has introduced a new mortgage product, the “Fix and Switch,” offering borrowers a unique combination of payment certainty and flexibility. This five-year fixed-rate mortgage allows borrowers to switch to a different product before the initial period without incurring an early repayment charge (ERC).

Exclusively available through intermediaries, borrowers can make the switch after two years. The product is accessible at 85 and 90 per cent loan to value (LTV), with competitive rates.

Craig Calder, head of secured lending at Virgin Money, said: “In today’s higher interest rate environment, many mortgage borrowers are looking for long-term payment certainty, but don’t want to be tied in for the long term. Fix and Switch is the perfect solution for them, providing the certainty of a five-year fixed rate with the flexibility of a two-year ERC if rates begin to fall.”