Virgin Money has announced changes to its mortgage offerings, raising fixed rates across various products and withdrawing selected options.
- The rate adjustments, effective from 8pm on 12th November, affect new purchases, remortgages, buy-to-let (BTL) products, and product transfers.
- Notable increases include 2-year and 5-year fixed rates for new purchases by up to 0.15%, alongside adjustments for shared ownership and ‘Own New’ rates.
- Remortgage options see rates rise up to 0.14%, while BTL and Retrofit Boost rates also see significant hikes.
- Several current products, including 80% LTV Exclusive Purchase rates, will no longer be available after the evening deadline.
Virgin Money is making substantial changes to its mortgage offerings, with fixed-rate increases set to take effect at 8pm on 12th November. These changes span across new purchases, remortgages, buy-to-let (BTL) products, and product transfer rates, highlighting a broad impact on their customer base.
For new purchases, the alterations include a rise in 2-year and 5-year fixed rates by up to 0.15%. Shared Ownership rates will see an increase of 0.10% and will begin at 4.22%. Additionally, the ‘Own New’ rates will experience an increase of up to 0.15%, with the starting point set at 0.55%. Products associated with mortgage values over £1m will also see a rate hike of 0.20%, now starting from 4.44%.
In the remortgage sector, Virgin Money is adjusting 2-year and 5-year fixed rates with loan-to-value (LTV) ratios of 65% and 75%, with increases up to 0.14%. These rates will now start at 4.24%. Also affected are mortgages over £1m, which will have an augmented rate of 0.15%, beginning at 4.55%. For Retrofit Boost remortgages, there will be an increase by up to 0.20%, with starting rates now at 4.64%.
Buy-to-let (BTL) mortgage rates will see a rise as well, with 2-year and 5-year fixed products incorporating a £2,195 fee increasing by 0.10%, from a starting rate of 4.32%. Increases vary based on fee structures, with a 3% fee seeing rates rise up to 0.16%, starting from 3.67%, and products with a £995 fee going up by 0.20%, now beginning at 4.54%. Fee-saver options also rise by 0.20%, starting from 4.80%.
The BTL Retrofit Boost is not exempt from these adjustments, with an increment of up to 0.20%, beginning at 4.78%. Virgin Money is also raising selected product transfer rates by up to 0.25%, starting at 4.19%. Additionally, for BTL product transfers, 2-year, 3-year, and 5-year rates will be increasing by 0.20%, with these beginning at 4.24%.
Alongside these increases, Virgin Money will withdraw certain products, such as the 80% LTV Exclusive Purchase 2-year rate with an £895 fee. Previously available at 4.50%, this and other similar offerings will no longer be accessible post-8pm today. The withdrawal includes fee-saver rates for 2-year and 5-year terms that were available at competitive rates prior to this announcement.
Customers and brokers are urged to finalise any applications for the products being withdrawn before the 8pm deadline on 12th November.
These strategic changes by Virgin Money signal a shift in the mortgage landscape, impacting various customer segments.
