Virgin Money has announced that it will offer reduced mortgage rates for new-build customers. The lender has teamed up with Own Team to launch the rate reducer product, which is available from today. For a new home worth £300,000, the introductory two-year mortgage of 4.79% with a £995 fee at 65% LTV will be cut to 0.99% at 60% LTV with a £495 fee. The new own rate reducer offers new build customers the security of a reduced fixed rate over two or five years and is available exclusively to specialist new build intermediaries registered with Virgin Money, initially for selected developments by Barratt Homes.

Mark Chappell has been promoted to the position of head of strategic partnerships at TMG Mortgage Network. Previously working as national sales manager, he joined TMG in May 2022, and brings over 15 years’ experience in sales to the role. As part of the newly created role, Chappell will be responsible for developing and managing relationships with strategic partners to enhance their experience, enable better communication and help support its members’ training and development.

April Mortgages has extended the distribution of its mortgage range to the Stonebridge network. The lender launched its fixed rate flexible product with Stonebridge earlier this year. The products are available on five, seven, 10, 12 and 15-year fixed terms and start from 4.99%. The deals are available for remortgages from 85% LTV, but will be extended to include house purchases up to 95% LTV. As part of the offering, borrowers will automatically benefit from a lower rate as mortgage balances and LTVs fall. Furthermore, the products have no early repayment charges for borrowers moving house or using their own funds to repay the mortgage.

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