As of tomorrow, Wednesday 17th April, Virgin Money is set to increase selected mortgage rates, as well as launching new buy-to-let portfolio exclusives.
The lender will be launching two new exclusive buy-to-let portfolio Fix & Switch fee-savers with two year Early Repayment charges (ERCs).
These include a 5-year fixed rate at 5.59% up to 60% loan-to-value (LTV) and a 5-year fixed rate at 5.69% up to 75% LTV.
Virgin will also be launching a further two exclusive buy-to-let portfolio- Fix & Switch products with £1,495 fee and two year ERCs. The first will be a 5-year fixed rate at 5.14% up to 60% LTV, and the second will be a 5-year fixed rate at 5.29% up to 75% LTV.
Lastly, the lender will also be introducing an exclusive residential remortgage fee-saver with free valuation and legals – a 5-year fixed rate at 4.69% up to 75% LTV.
In addition to these new launches, the lender will also be making a number of changes to its existing products.
Its Fix & Switch Purchase rates will be increased by up to 0.10%, starting from 5.18%, while its Fix & Switch Remortgage rates will be increased by 0.05%, starting from 4.94%.
2-year Purchase fixed rates with a £995 fee up to 85% LTV will also see an increase of up to 0.15%, and its 75% LTV Exclusive Remortgage 5-year fixed rate with £895 fee will be reduced by 0.05% to 4.54%.
In Virgin’s buy-to-let range, 2- and 5-year fixed rates with 1% fee will be reduced by up to 0.07%, starting from 4.52%, and its 60% LTV 5-year fixed rates with 3% fee will be reduced by 0.08% to 4.09%.
For brokers applying for one of these existing products, the lender has urged that all applications be submitted by 8pm today, Tuesday 16th April.
