Virgin Money will increase mortgage rates across selected products starting 22nd October.
- These changes impact fixed-rate products including buy-to-let, remortgage, and purchase categories.
- Rate increases range from 0.05% to 0.10% based on product and loan-to-value (LTV).
- Notable changes include a 0.10% rise in 60% LTV 2-year fixed buy-to-let rates.
- Remortgage and purchase products see varied rate hikes enhancing cost considerations.
From 22nd October, Virgin Money will implement new mortgage rates, affecting several fixed-rate products within its portfolio. These modifications are applicable to the buy-to-let, remortgage, and purchase segments, with rate increases spanning from 0.05% to 0.10%. Such changes illustrate the shifting dynamics within the mortgage market, necessitating that borrowers recalibrate their financial strategies accordingly.
For buy-to-let investors, a significant alteration is noted with the 60% loan-to-value (LTV) 2-year fixed rate, now increasing by 0.10%, adjusting the interest rate to 4.29%. Similarly, the 5-year fixed rate in the same LTV bracket will climb by 0.05%, settling at 4.07%. These adjustments reflect Virgin Money’s response to current economic conditions, potentially impacting the investment decisions of property owners.
In the remortgage category, borrowers should anticipate adjustments as the 75% LTV Fix and Switch fee-saver option will see rates ascend by 0.09%, bringing the new rate to 4.74%. Additionally, the 75% and 85% LTV Retrofit Boost 5-year fixed rates will be adjusted upwards by up to 0.10%. Rates for these products, starting at 4.34%, necessitate that homeowners considering refinancing remain vigilant about these incremental cost changes.
Primary purchase products are not exempt, with alterations in the 65% and 75% LTV 5-year fixed rates, each witnessing a 0.10% increase, thereby setting the new rates at 4.04%. Furthermore, the 85% LTV fixed rates are poised to rise by 0.05%, initiating from a baseline of 4.24%. Such variations compel potential homebuyers to closely evaluate their purchasing power and financial boundaries in light of the revised rates.
These rate increases mark Virgin Money’s strategic adaptation to current fiscal stimuli, exemplifying the broader trend of cautious recalibration amongst lenders.
These adjustments by Virgin Money underscore the evolving landscape in the mortgage sector, requiring proactive financial planning from stakeholders.
