Virgin Money is set to make adjustments to its fixed-rate mortgage products, effective from 8pm today, Thursday 14 November.
The planned rate increases will affect a range of loan-to-value (LTV) options, including those tailored for specific needs such as greener mortgages, Shared Ownership, and first-time homebuyers.
Among the changes, Virgin Money’s Core 85% LTV 2- and 5-year fixed rates will see a 0.20% increase, with the new rates starting at 4.59%.
Similarly, Core 95% LTV 2- and 5-year fixed rates will rise by up to 0.10%, now beginning at 5.24%.
These products, widely chosen by homebuyers for their favorable terms and flexibility, are popular for those seeking a fixed rate for a defined period, offering predictability in monthly payments.
Virgin Money’s Greener 85% LTV fixed rate mortgages will also experience a 0.20% increase, bringing the starting rate to 4.59%.
Additionally, Shared Ownership 85% LTV fixed-rate mortgages will increase by 0.20%, resulting in a new starting rate of 4.42%.
Virgin Money’s Own New 85% LTV fixed-rate mortgages, created for buyers purchasing newly built properties, will also see a 0.20% rise, with rates now starting at 2.06%.
In the category of products available for both purchase and remortgage, the Retrofit Boost 85% LTV 5-year Fixed Rate mortgage will be increased by 0.20%, resulting in a new rate of 4.84%.
Virgin Money has advised that mortgage brokers or applicants interested in locking in the current rates should submit their applications by 8pm tonight, before the adjustments come into effect.
