Virgin Money will raise its residential and product transfer fixed-rate home loans by up to 60 basis points at 8pm today (Wednesday 12 October). Buy-to-let offers climb by 49bps.   

The lender adds that its two-year fixed-rate 95% loan-to-value fixed-rate deals will be withdrawn.  

Examples of rises among its residential deals include a 10-year fixed-rate loan, a with £995 fee, at 75% LTV, which rises by 60bps to 5.90%.  

And a five-year fixed-rate fee-saver purchase offer, at 95% LTV, lifts by 40bps to 6.34%.  

The business launches a 10-year fixed-rate fee-saver purchase loan at 95% LTV, at 6.74%.  

It adds that product transfer rates rise “in line with new customer rates on a like-for-like product basis”.  

Instances of rises among BTL deals include a two-year fixed-rate offer, with a £995 fee, at 75% LTV, which increases by 38bps to 6.19%.  

And a 75% LTV five-year fixed-rate BTL offer, with a £995 fee, rises by 49bps to 5.99%.  

It adds that portfolio BTL rates climb in line with core BTL deals, and are priced 10bps higher, at 6.29% and 6.09%, respectively.  

The lender tells brokers: “If you are applying for one of these products on behalf of your customer, please send us the application as soon as possible”.  

The move by the firm comes as more than a thousand products have been pulled over the last few weeks as lenders work out how to reprice loans as the cost of debt for the government and companies has risen on international money markets, following Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget late last month.