Virgin Money is withdrawing a number of products to increase rates by up to 25 basis points.

The lender says that existing products will be withdrawn from sale at 8pm this evening.

Among the rates to increase are its 90 per cent loan-to-value shared ownership products which will be raised by up to 20 basis points.

Virgin will be increasing rates on selected 85 per cent LTV deals by up to 25 bps.

Within its core range its five-year fixed rate with a £995 fee will increase by 2 bps.

For buy-to-let borrowers its two-year fixed rate with a £995 fee at 75 per cent LTV will increase by 5 bps.

Brokers have the rest of the working day to secure current rates for their clients.