Virgin Money is set to adjust rates on its fixed-rate mortgage offerings starting 22nd October. The changes, communicated to brokers, involve increases across buy-to-let, remortgage, and purchase products, ranging from 0.05% to 0.10%. These adjustments reflect wider market conditions as financial institutions recalibrate in response to economic shifts.
Virgin Money has confirmed that effective 22nd October, there will be an increase in mortgage rates across select fixed-rate products. These adjustments have been clearly communicated to brokers and will affect a variety of mortgage categories, including buy-to-let, remortgage, and purchase products. The rate hikes range from 0.05% to 0.10%, indicating a cautious yet definitive response to the prevailing economic environment.
For buy-to-let mortgages, Virgin Money will increase the 60% loan-to-value (LTV) 2-year fixed rate by 0.10%, bringing the new rate to 4.29%. This change accompanies a rise of 0.05% to 4.07% for the 5-year fixed rate under the same LTV. Additionally, the 2-year fixed rate with a 1% fee will see a 0.05% increase to 4.39%, while its 5-year counterpart will also go up by 0.05% to 4.12%.
In the remortgage sector, Virgin Money’s 75% LTV Fix and Switch fee-saver will experience a 0.09% rise, elevating the rate to 4.74%. Meanwhile, the 75% and 85% LTV Retrofit Boost 5-year fixed rates will each see increments of up to 0.10%, starting from rates of 4.34%. These adjustments illustrate a strategic response to current market demands and economic pressures.
Purchase products have not been exempted from these adjustments. The 65% and 75% LTV 5-year fixed rates will both increase by 0.10%, resulting in new rates of 4.04%. Furthermore, the 85% LTV fixed rates will go up by 0.05%, starting the new rates at 4.24%. Virgin Money’s moves are seen as a way to maintain competitiveness while aligning with broader financial trends.
These rate changes by Virgin Money reflect an ongoing strategy to align with market conditions, ensuring competitiveness and financial stability.
