Virgin Money is hiking its mortgage rates tomorrow across purchase, remortgage and product transfer ranges.

Virgin has put rates up by 0.15% on its purchase five-year fixed rates with a fee of £999 starting from 3.96%, five-year fixed rate fee-savers starting from 4.0& and shared ownership fixed rates starting from 3.85%.

It will also launched two- and five-year fixed rates at 80% loan-to-value (LTV) with fee and fee free options. This includes the two-year fixed rate with a fee of £995, launching at 3.87%.

The remortgage range will also see price rises. These include selected two-year fixed rate fee-savers, which have been increased by up to 0.11%, starting from 4.18% as well as selected five-year fixed rates with a fee of £999 which has risen by 0.12% to start from 3.94%.

In addition, selected five-year fixed rate fee-savers have been lifted by up to 0.14%, starting from 4.10%.

Product transfer selected two- and five-year fixed rates with a fee of £1,999 will also rise by as much as 0.05% to start from 3.58% and selected two- and five-year fixed rates with a fee of £999 will go up by as much as 0.05% to start from 3.68%.

Virgin will also withdraw multiple two- and five-year fixed rate fee and no fee options in its exclusive purchase range from tonight.

Elsewhere, Nationwide is also increasing selected fixed rates by up to 0.19%, effective tomorrow (3 February).

These include rates across its first-time buyer, home mover, existing customer home move products as well as the its switcher and additional borrowing ranges.

Trinity Financial product and communications director Aaron Strutt says: “These Nationwide rate hikes are probably the biggest we have seen for a while but the building society has been topping the best buy tables with some really cheap deals so no doubt it has been pretty busy.”

“Barclays recently made some price increases and product withdrawals. NatWest has also raised some of its fixed rates by 0.10%, while Santander also increased some of its rates by up to 0.07%.”

“There is still time for applicants to get their mortgages agreed with Nationwide and secure these rates, but they will need to be quick. When borrowers apply directly for a mortgage they do not tend to be notified if rates are going up which means they get a bit of a shock if they hold off applying.”

“The major banks and building societies had such a busy start to the year that the sheer volume of rate cuts and criteria changes was always going to slow down.”

“Lots of lenders are still offering two-year fixes from 3.51% through Santander and five-year fixes from 3.73% via NatWest. The money markets seem to be pricing in a further Bank of England base rate cut in April, so I suspect even though rates are going up now they will come back down again.”