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Virgin Money launches ‘fantastic’ two-year fixed rate mortgage deal | Personal Finance | Finance

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Virgin Money is the latest lender to update its line of mortgage deals for homeowners and potential homebuyers.

The financial institution announced a new set of fixed-rate offerings as customers struggle amid a period of high-interest rates.

Brokers speaking to Newspage have praised the revised interest rates as being “fantastic” and representing the closest new mortgage rates have been to five percent as of late.

However, Virgin Money’s new exclusive offering stands out as it comes with a one percent fee.

Here is a breakdown of the latest remortgage exclusives, which one with the one percent fee, from Virgin Money

  • 60 percent LTV Two Year Fixed Rate will be launched at 5.09 percent
  • 70 percent LTV Two Year Fixed Rate will be launched at 5.15 percent.

Read more… Savings interest rates rise to 5.90 percent

Interest rates have been on the rise as central banks have hiked base rates in an attempt to rein in inflation.

In the UK, the Bank of England has increased the country’s base rate multiple times to 5.25 percent.

Justin Moy, the managing director at Chelmsford-based EHF Mortgages, highlighted that percentage fees from Virgin MOney could be the trigger to breach the five percent barrier on two-year fixes.

He explained: “More rate reductions can only be good news for borrowers, as market competition is the main reason why rates continue to edge downwards.

“There is a very interesting two-year fixed rate deal at 5.09 percent with a one percent fee, and this may be the quickest way we will see sub-five percent short-term deals in the coming months.

“The take-up numbers will be interesting. Either way, more product innovation from lenders can only be encouraged.”

Steven Hargreaves, a mortgage and protection adviser at The Mortgage Co, added: “The headline rates are very good, and yet more evidence that the fixed rate war is continuing.

“When advising on products you would always show a client the difference between a lower rate with high product fees and a higher rate with no product fees.

“That said to see these rates compared to what we were discussing with clients a couple of months ago is fantastic.”



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South Korea Probe Finds Jets Collided As Pilots Took Photos During Flight

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South Korean authorities have found that two fighter jets collided mid-air in 2021 because the pilots were taking pictures and videos during a mission, BBC reported, citing a report by Seoul’s Board of Audit and Inspection.

The incident took place near the central city of Daegu. Although all pilots survived without injuries, the collision caused damage worth 880 million won ($596,000) to the aircraft.

According to the report published on Wednesday, one of the pilots, who has since left the military, was fined 88 million won after being held primarily responsible for the accident.

ALSO READ: India, South Korea To Upgrade Current FTA With Eye To Double Trade By 2030

The audit found that the pilot of the wingman aircraft wanted to take photographs to commemorate his last flight with the military unit. The report noted that taking photos during significant flights was a widespread practice among pilots at the time.

The pilot reportedly informed others of his plan during a pre-flight briefing. While returning to base, he began taking pictures using his personal mobile phone.

After noticing this, the pilot of the lead aircraft asked another crew member to record a video of the wingman jet, according to the report.

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The wingman pilot then made a sudden manoeuvre by climbing higher and rolling the aircraft to improve the camera angle. This brought the two F-15K jets dangerously close.

The lead aircraft attempted to descend quickly to avoid a collision, but the two jets eventually struck each other. The crash damaged the lead aircraft’s left wing and the wingman aircraft’s tail stabiliser.

ALSO READ: Russian Missiles Fly Near Chernobyl, Ukraine Warns of ‘Nuclear Catastrophe’ Risk: Report

The South Korean Air Force suspended the wingman pilot, who later left the military to join a commercial airline.

Initially, the Air Force sought to recover the full repair cost of 880 million won from the pilot. However, after he appealed, the Board of Audit and Inspection ruled that he should only pay one-tenth of the amount.

The pilot admitted that his sudden manoeuvre contributed to the collision, but argued that the lead aircraft pilot had “tacitly consented” because he knew filming was taking place.

The audit board said the Air Force should also bear some responsibility for failing to regulate pilots’ personal use of cameras during flights.

The board further noted that the pilot had maintained a good service record before the incident and had managed to safely return his aircraft to base, preventing further damage.

The report did not specify whether any disciplinary action was taken against the other pilots involved.

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S&P, Nasdaq Rise On Iran Ceasefire Extension; Dow Jumps 400 Points

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The main Wall Street indices jumped in early trade on Wednesday, as the US stock market reacted positively to President Donald Trump’s decision to extend the ceasefire with Iran.

S&P 500 rose 0.7%, or 49 points, to 7,112.2 minutes after the opening bell, whereas the tech-heavy Nasdaq Composite climbed 0.72%, or 175.18 points, to 24,435.15.

The Dow Jones Industrial Average rose 436.44 points to 49,585.82 at 9:40 am EST.

(This is a developing story)

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Trump Extends Iran Ceasefire To Three To Five Days

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The statement by US President Donald Trump read:

“Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal.”

“I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other.”





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