Virgin Money has announced the launch of new Fix and Switch remortgage products, as well as a series of rate increases across its residential and buy-to-let ranges.

The Fix and Switch range offers borrowers the security of a five-year fixed rate with the flexibility of being able to switch to another product with no early repayment charge after just two years.

New exclusive remortgage deals include five-year fixes from 5.54% at 85% LTV with a £1,495 fee or 5.89% fee-free.

As part of the changes, Virgin has also increased selected mortgage rates by up to 0.20%.

85% & 90% LTV Fix and Switch purchase rates have increased by up to 0.10%, now starting from 5.27%, while 75% LTV Fix and Switch remortgage rates have also risen by 0.10%, starting from 5.09%. 60% and 75% buy-to-let Fix and Switch rates have increased up to 0.15%, starting from 5.07%.

Across Virgin’s residential range, 90% LTV exclusive fixed rates have climbed by 0.08% and exclusive remortgage rates have risen by up to 0.16%.

The largest increases are to £1m+ exclusive purchase and remortgage fixed rates, increasing by up to 0.20% and starting from 4.90%.

Selected buy-to-let and product transfer rates have also increased by up to 0.10%.