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%
