Nationwide has increased and decreased rates across various product ranges while Virgin Money has lifted rates on fixed rate products. 

Nationwide has made changes across its two, three, five and 10-year fixed rate products as well as its two-year tracker products.

The lender will reduce rates on its new business two-year tracker products by 0.25% to reflect last week’s interest rate cut by the Bank of England.

It will also lower rates on all 10-year fixed rate products by up to 0.11% as well as selected higher loan-to-value (LTV) two-year fixed rate products by up to 0.15%.

Rates will increase on selected two, three and five-year fixed rate products by up to 0.20%.

Nationwide says these are reflective of the current swap rate environment and increase in mortgage rates seen across the market in recent weeks.

Changes will take place from tomorrow (13 November). 

A Nationwide spokesperson says: “Nationwide is not immune to the current swap rate environment and the changes we’re making on our fixed rate range are reflective of that and the rate changes happening across the market.”

“Our tracker rates are seeing a reduction to reflect last week’s Bank Rate decision. We continue to support existing customers with our pricing pledge and remain competitive and well-positioned in the market to support all borrowers.”

Meanwhile, Virgin Money has increased rates on purchase, remortgage, BTL and product transfer products, effective 8pm today. 

Within the lender’s product transfer range, selected rates will go up by 0.25% and will start from 4.19% while two-, three- and five-year BTL ranges will be increased by 0.20% to 4.24%. 

BTL two- and five-year rates with a fee of £995 will rise by 0.20% to 4.54% while retrofit boost rates will lift by 0.20% to 4.78%. 

Purchase £1m+ rates will increase by 0.20% to 4.44% and selected two- and five-year rates will rise to 4.29%, up 0.15%. 

Remortgage retrofit boost rates will rise by up to 0.20% to 4.64% while 65% and 75% LTV two- and five-year rates will go up by up to 0.14% to 4.24%. 

It also announced that four two- and five-year exclusive purchase products will be withdrawn, including the 80% LTV exclusive purchase two-year rate with a fee of £895 at 4.50%.

Earlier today, Santander, HSBC and TSB all announced mortgage rate increases.