Virgin Money is set to make changes to its fixed-rate mortgage offering, introducing increases across various product ranges.
The rate increases will take effect at 8pm today (Tuesday 12th November), and will affect new purchases, remortgages, buy-to-let (BTL) products, and product transfer rates.
For new purchases, Virgin Money has raised rates across several options.
Selected 2-year and 5-year fixed rates will increase by up to 0.15%, now beginning at 4.29%.
Shared Ownership rates will also be adjusted, increasing by 0.10% and starting at 4.22%.
The lender’s ‘Own New’ rates will increase by up to 0.15%, beginning from 0.55%.
Additionally, products available for mortgage values exceeding £1m will see a rate increase of 0.20%, with rates now starting from 4.44%.
Retrofit Boost rates, which likely incentivise eco-friendly home upgrades, will increase by up to 0.20%, with rates now starting at 4.64%.
For customers seeking remortgage options, 2-year and 5-year fixed rates with loan-to-value (LTV) ratios of 65% and 75% will increase by up to 0.14%, now starting at 4.24%.
Mortgages above £1m will have rates increased by up to 0.15%, with a starting rate of 4.55%. Retrofit Boost remortgage rates will be adjusted by up to 0.20%, now beginning at 4.64%.
Virgin Money will also be adjusting its buy-to-let (BTL) mortgage rates, with rates on 2-year and 5-year fixed products with a £2,195 fee rising by 0.10% and starting at 4.32%.
Fixed rates with a 3% fee will increase by up to 0.16%, starting from 3.67%.
For products with a 1% fee, selected 2-year and 5-year rates will increase by up to 0.15%, with the starting rate set at 4.39%.
Products with a £995 fee will see a rise of 0.20%, now beginning at 4.54%, while fee-saver options for 2-year and 5-year terms will also increase by 0.20%, starting at 4.80%.
BTL Retrofit Boost rates will also be rising by up to 0.20%, with rates now starting at 4.78%.
Virgin Money will increase selected product transfer rates by up to 0.25%, beginning at 4.19%.
For BTL product transfers, 2-year, 3-year, and 5-year rates will be increased by 0.20%, with these rates starting at 4.24%.
Additionally, Virgin Money is withdrawing a selection of its current products.
The 80% LTV Exclusive Purchase 2-year rate with an £895 fee, previously offered at 4.50%, will no longer be available.
The 80% LTV Exclusive Purchase 2-year fee-saver rate, previously at 4.77%, will also be removed, along with the 80% LTV Exclusive Purchase 5-year rate with £895 fee, previously set at 4.21%, and the 80% LTV Exclusive Purchase 5-year fee-saver rate, previously at 4.32%.
For customers or brokers wishing to secure one of the products being withdrawn, Virgin Money requires that applications be submitted by the cutoff time of 8pm today, November 12th.
