Virgin Money is hiking rates on its high loan-to-value products by 50 basis points this evening.

The lender email brokers this morning to notify them of the changes it is making to its core range from 8pm tonight.

Virgin will be increasing rates on its 90 per cent LTV first-time buyer exclusive fixed rates by 0.5 percentage points.

Its five-year fixed at 80 per cent LTV with a £995 fee will also go up by 0.5 percentage points

Virgin’s five-year fixed rate at 85 per cent LTV with no product fee will rise by 0.1 percentage point.

A number of product transfer deals at 85 per cent LTV and above will increase by 0.2 points.