Virgin Money has warned brokers that it is increasing rates by up to 60 basis points this evening on 85 per cent loan-to-value deals as well as other products.

The lender will be making a number of changes to its residential and buy-to-let range from 8pm today.

Among the increases, the following rates will rise:

• At 65 per cent and 75 per cent LTV, fixed rates will be increased by 0.3 percentage points
• At 85 per cent LTV, fixed rates will be increased by 0.35 percentage points
• Also at 85 per cent LTV, shared ownership fixed rates will be increased by 0.6 percentage points
• £1m-plus fixed rates will be increased by 0.3 percentage points
• Help to Buy fixed rates will be increased by 0.3 percentage points
• Buy-to-let fixed rates will be increased by 0.2 percentage points
• End dates will move to March 1 of the relevant year.

Product transfer rates will not be increasing.