Virgin Money will lift residential and landlord rates by up to 20 basis points, while launching a pair of remortgage exclusive deals tomorrow (1 May).
Highlights of the lender rises include:
- 60% and 75% buy-to-let Fix and Switch rates will be increased by up to 15bps, starting from 5.07%
- Selected exclusive remortgage fixes will be increased by up to 16%, starting from 4.54%
- £1m-plus exclusive purchase and remortgage fixes will be increased by up to 20bps, starting from 4.90%
The firm adds that brokers applying for these loans should submit an application by 8pm today.
The business will also launch two exclusive remortgage Fix and Switch deals, with two-year early repayment charges. They are:
- 85% LTV five-year fixes, with a £1,495 fee at 5.54%
- 85% LTV five-year fee-saver fixes at 5.89%
The lender’s rate rises follow price hikes from major banks such as NatWest, HSBC and Barclays, and as money markets bet that the first Bank of England base rate cut may be pushed back into the second half of the year.
