Virgin Money announces forthcoming changes to their mortgage rates.
- Fixed rates for purchase, remortgage, and buy-to-let mortgages will be increased.
- The rate changes will affect 2 and 5-year fixed terms with various fees.
- Both purchase and remortgage mortgage options will see significant rate hikes.
- Impending changes will also impact product transfer and buy-to-let options.
Virgin Money has declared an imminent adjustment to its mortgage offerings, slated to occur from 8 pm on Wednesday, 30th October. These adjustments involve an escalation in fixed mortgage rates, impacting purchase, remortgage, buy-to-let, and product transfer options.
In the purchase mortgage segment, Virgin Money is set to augment rates on selected two and five-year fixed plans by up to 0.15%. These rates, which include a £995 fee, will commence at 4.14%. Simultaneously, the fee-saver options for the same terms will also increase by up to 0.15%, beginning at 4.29%. For options with a 75% loan-to-value (LTV), the five-year fixed rate accompanied by a £1,995 fee will rise by 0.15%, culminating at 4.24%. Moreover, the Retrofit Boost five-year plans are also subject to a 0.15% increase, starting from 4.49%.
Transitioning to the remortgage sector, fixed rates for a 65% LTV two-year term are set to rise by 0.05%, with initial rates starting at 4.43%. For five-year options at 65% and 75% LTV, an increase of up to 0.12% is anticipated, with rates starting from 4.12%. Retrofit Boost five-year rates will likewise experience a boost of up to 0.15%, with starting rates now at 4.49%.
Buy-to-let mortgage products are not exempt from these adjustments. The rates for selected 60% LTV two-year options are poised to climb by 0.10%, with starting rates of 3.57%, and the 75% LTV two-year plans are expected to see a 0.05% increase, now beginning at 3.72%. Furthermore, rates for 60% LTV five-year options will escalate by 0.15%, with both 60% and 75% LTV options starting at 3.88%. The 75% LTV Retrofit Boost five-year rate will rise by 0.10%, reaching 4.68%.
Product transfers are also under the umbrella of these rate increases. The 75% LTV two-year fee-saver rate is set to increase by 0.11%, bringing the new rate to 4.75%. Select three-year rates will experience a rise of up to 0.16%, starting at 4.12%, while selected 65% and 75% LTV five-year rates will see an uptick of up to 0.15%, with rates commencing at 3.94%. Furthermore, selected buy-to-let rates in the product transfer category will observe increases of up to 0.15%, starting from 4.04%.
These changes highlight Virgin Money’s strategy to adjust to market conditions, affecting a broad range of their mortgage offerings.
