Virgin Money is set to increase fixed mortgage rates, impacting purchase, remortgage, and buy-to-let options.
- Effective 30th October, these changes mark a significant shift in Virgin Money’s mortgage offerings.
- For purchase mortgages, fixed rates will rise by up to 0.15%, depending on the term and fee structure.
- Remortgage and buy-to-let rates will also see increases, affecting various loan-to-value options.
- These changes reflect the latest trends in the mortgage market, with adjustments in product transfers as well.
Virgin Money has announced a notable increase in fixed mortgage rates across various sectors, including purchases, remortgages, and buy-to-let options. This decision comes into effect at 8 pm on Wednesday, 30th October. These adjustments highlight current market dynamics where lenders are recalibrating their rate structures.
Specifically, in the purchase mortgage segment, selected 2 and 5-year fixed rates with a £995 fee will see an increase of up to 0.15%, with initial rates starting at 4.14%. Fee-saver options for both terms are also set to rise by up to 0.15%, starting from 4.29%. Furthermore, higher loan-to-value (LTV) products such as the 75% LTV 5-year rate, with a £1,995 fee, will experience a similar increase to 4.24%. Additionally, Retrofit Boost 5-year rates are adjusted by 0.15%, now starting at 4.49%.
In the remortgage sector, a slight increase of 0.05% will affect the 65% LTV 2-year rates, with new rates beginning at 4.43%. Increases of up to 0.12% are also anticipated for 65% and 75% LTV 5-year rates, beginning at 4.12%. Similarly, the Retrofit Boost 5-year rates will have an increase of up to 0.15%, starting at 4.49%.
The buy-to-let mortgage products are not exempt from these changes. For selected 60% LTV 2-year rates, a 0.10% increase is applied, leading to a starting rate of 3.57%, while a slight rise of 0.05% is noted for 75% LTV 2-year rates, with a starting rate of 3.72%. Moreover, 60% LTV 5-year rates are set to rise by 0.15%, with both 60% and 75% LTV options beginning at 3.88%. The 75% LTV Retrofit Boost 5-year rate is witnessing a 0.10% increase, pushing it to 4.68%.
Product transfers also face adjustments with the 75% LTV 2-year fee-saver rate seeing a 0.11% increase to 4.75%. Selected 3-year rates rise by up to 0.16%, starting at 4.12%. Furthermore, selected 65% and 75% LTV 5-year rates will increase by up to 0.15%, beginning at 3.94%. In the buy-to-let product transfer category, selected rates will increase by up to 0.15%, now starting at 4.04%.
Virgin Money’s latest rate adjustments reflect broader market trends, impacting various mortgage sectors.
