Mortgage lender Virgin money increase mortgage rates again across their core products, despite only announcing rate reductions for some products a couple of weeks ago. These rate increases from Virgin money are just another example of the mass rate rise panic that lenders seem to be hypnotised by at the moment as more and more lenders push their rates up.
What Are The New Rate Changes?
Virgin Money has increased rates across its core residential and buy-to-let (BTL) ranges by up to 30 basis points.
Within the lender’s residential offerings, a selection of the 30 basis point rises are as follows:
- The 75% LTV 10-year fix with £995 fee is now 3.90%
- The 75% LV two-year fix with £995 fee is now 3.89%
- The 75% LTV two-year fix with zero fee is now 4.34%
- The 90% LTV two-year fix with £995 fee is now 4.09%
- The 90% LTV two-year fix with zero fee is now 4.49%
And in the BTL range, the 75% LTV two-year fix with £1,995 fee has risen by 30 basis points to come to 3.76%.
Additionally, Virgin Money has pushed its product transfer 65% LTV to 75% LTV two-year fixed rate with £995 fee up by 40 basis points to 3.78%.
What The Experts Say
Louis Mason, content and communications manager at Oportfolio had this to say: “I’m honestly not sure how I feel about this. I want to say that I am shocked but now that rate rises have become commonplace, there really isn’t that much to be shocked about. Other than only very recently Virgin announced that it would be lowering some rates on products for specific borrowers to try and ‘help out’. But it seems that they have taken a complete u-turn with this. Once a good safe and not extortionate lender, Virgin is pricing itself out of the market at a rapid rate.”
If you or anyone else you know is concerned about mortgage rate rises, please feel free to give our helpful advisors a call today to discuss and worries you have.