Virgin Money raises resi, BTL fixes by up to 39bps Mortgage Strategy

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Virgin Money will raise residential and landlord fixed-rate deals by up to 39 basis points and will also launch exclusive new products on Friday (16 February). 

The high street lender says its rates rises cover:  

  • Selected 85% loan to value to 90% LTV purchase exclusive fixes will be increased by up to 10bps, with rates starting from 4.50% 
  • 60% LTV and 70% LTV remortgage exclusive fixes will be increased by 5bps, with rates starting from 4.29% 
  • Exclusive buy-to-let fixes will be increased by 10bps, with rates starting from 3.97% 
  • £1m-plus purchase and remortgage exclusive fixes will be increased by up to 39bps, with rates starting from 4.76% 
  • Selected residential product transfer 65% LTV and 75% LTV two-, three- and five-year fixes will be increased by up to 15bps, with rates starting from 4.13% 

However, BTL product transfer two-, three- and five-year fixes will be reduced by up to 25bps, with rates starting from 4.73% 

The bank tells brokers that applications must be sent by 8pm today. 

The move comes as swap rates have risen in recent weeks.  

A two-year Sonia swap was 4.565 % on 13 February, up from 4.092% on 15 January, according to Chatham Financial. Five-year rates have risen to 4.009% from 3.530% over the same period. 

The firm also launches two new products. 

Exclusive purchase — Fix and Switch, with a £1,495 fee and two-year early repayment charges 

  • 90% LTV five-year fix, with £250 cashback at 4.98% 

Exclusive remortgage — Fix and Switch, with a £1,495 fee and two-year early repayment charges 

  • 70% LTV five-year fix, with free valuation and free legals at 4.69% 

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