Virgin Money will lift its fixed rates on residential deals and selected exclusive products by up to 20 basis points at 8pm this evening (7 May).  

The lender’s rate rises cover:  

Core  

• Residential purchase two- and five-year fixes will increase by up to 20bps  
• 65% and 75% loan to value product transfer two-, three- and five-year fixed rates will increase by 10bps  

Exclusives  

• Own New fixes will increase by 10bps  
• Selected Fix and Switch residential fixes will increase by up to 16bps  
• Fix and Switch buy-to-let fixes will increase by up to 10%bps  
• 90% LTV Purchase fixed rates will increase by up to 12bps  
• Selected 60% and 75% BTL fixed rates will increase by up to 14bps  
• 65% and 75% Remortgage five-year fixes will increase by 15bps  

The bank tells brokers: “If you’re applying for one of these products on behalf of your customer, please send us the application by 8pm today.”  

The move comes as many major lenders lift rates as money markets bet that the first Bank of England base rate cut may be pushed back into the second half of the year.   

The bank base rate has been at a 16-high year of 5.25% since last August, as the central bank battles to bring down inflation at 3.2%.