For purchases, two-year fixed rates will be increased by up to 70bps, five-year fixed rates by up to 65bps and 10-year fixed rates by 60bps. Shared Ownership fixed rates will be increased by up to 70bps. Two-year tracker rates at 65% and 75% LTV with a £999 fee will be increased by 10bps.
For remortgages, two-year fixed rates will be increased by up to 65bps and five-year fixed rates by 60bps. The 75% LTV 10-year fixed-rate fee-saver will be increased by 55bps.
For BTL, two-year fixed rates will be increased by 75bps and five-year fixed rates by 65bps.
For product transfers, two-, three- and five-year fixed rates will be increased by up to 40bps, and 10-year fixed rates by 30bps. Two-year tracker rates at 65% and 75% LTV with a £999 fee will be increased by 10bps. BTL product transfer fixed rates will be increased by 50bps (two-year), up to 50bps (three-year) and 40bps (five-year).
“Virgin Money has been offering some of the best fixed rates and has not changed its rates much recently, but even so, a 0.70% price hike is probably the biggest one yet,” Strutt noted. “If anyone thinking about taking a Virgin Money mortgage holds off until tomorrow, they will end up paying significantly more.”