Virgin Money is increasing the cost of selected residential and buy-to-let mortgages, just days after its pushed up rates on a range of fixed rate products.

This latest rate rise will see the cost of fixed rate deals at higher LTV bands increased by as much as 0.36%.

In its core residential range, Virgin is increasing the cost its two- and three- year fixes (at 65 to 85% LTV) by up to 0.16%. It is also increasing its five-year fixed rate products (at 65 to 75% LTV tiers) by up to 0.06%.

Within this core range Virgin is also increasing its selected BTL fixed rates (at 75% LTV) by up to 0.36% and withdrawing its ‘freedom to fix’ tracker range. 

The company has also pushed up the cost of its ‘purchase exclusive’ mortgages. Both the two and five-year fixes (at 80% LTV) will see rates increased by up to 0.2%. 

These changes will be effective from 8pm this evening, giving brokers less than 24 hours notice of these changes. Virgin is urging brokers currently applying for one of these products to complete client applications as soon as possible. 

They come as lenders across both the residential and BTL sector are rapidly repricing and withdrawing fixed rate products.

Earlier this week Virgin Money pushed up the cost of of many two-year fixed rate products in its core range, mainly at 65% to 75% LTV bands. It also pushed up the cost of its ‘fee saver’ options across a range of LTV tiers, and increased the cost of both its 10-year fixes and selected BTL deals at 60% LTV.