Virgin Money increases all fixed rates by 0.40%

Virgin Money has increased the rates on all of its fixed rate mortgage products by 0.40%.

The past week has seen a flurry of rate increases across the market as lenders continue to react to increasing costs of funds.

Last week the Bank of England increased the base rate to 1.25% as it continues ramping up the rate to counter inflation.

And a further base rate rise now looks even more likely with inflation figures released today revealing a 40-year high of 9.1%.

Last week Virgin removed its exclusive products while other lenders have also made similar changes to their ranges.

The increase to Virgin’s range takes effect at 8pm this evening.

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