Virgin Money has announced rate increases on select mortgage options effective 14th November 2024.
- Rate adjustments affect core, greener, and shared ownership mortgages, rising by up to 0.20%.
- The 85% LTV two- and five-year fixes are to increase by 0.20%, starting at 4.59%.
- Changes to the 95% range sees a 0.10% increase, with rates beginning at 5.24%.
- Brokers are advised to submit applications by 8pm on the day of the change.
In a strategic update communicated to brokers, Virgin Money has confirmed it is raising interest rates on various mortgage products. Effective from 8pm on 14th November 2024, this adjustment is part of a broader industry trend of increasing rates amid changing market conditions.
For products covering an 85% loan-to-value ratio (LTV), Virgin Money is set to increase rates for both two-year and five-year fixed options by 0.20%, with the new rates now commencing at 4.59%. This strategic adjustment means prospective borrowers in this bracket must recalibrate their financial planning to accommodate slightly higher repayments.
The adjustments aren’t limited to just the 85% LTV offerings. Mortgage rates under the core 95% LTV products are also being revised upwards, witnessing a 0.10% increase. This shift, with rates starting now at 5.24%, reflects Virgin Money’s response to current financial landscapes and market demands.
Additionally, the rates for ‘Greener’ 85% LTV products are also seeing a hike, matching the 0.20% increase of their core counterparts. This change sets the ‘Greener’ products in line with the broader rate strategy, also starting at 4.59%. Notably, this adjustment is consistent across related offerings like shared ownership fixed rates, beginning at 4.42%, as well as ‘Own New’ fixed rates for new builds, starting from 2.06%.
The retrofit ‘Boost’ product with a fixed five-year term has not been excluded, with rates escalating by 0.20%, now commencing at 4.84%. Amid these changes, Virgin Money is urging brokers who intend to apply for these revised options to ensure submissions are completed before the stipulated deadline of 8pm, to align with these new conditions.
These rate increases by Virgin Money reflect a broader trend in the mortgage market, necessitating timely broker action.
