Virgin Money, the banking arm of Richard Branson’s massive business empire, have announced that they have made some big changes to both their residential and buy-to-let products. These changes come as countless other lenders make drastic changes to their criteria of the back of the Bank of England raising rates and a looming recession.
What Are The Virgin Money Mortgage Changes?
Virgin Money have announced that across their residential range, two and three-year fixed rates will be increased by 0.20% up to 89% LTV. Where someone is looking to secure a 90% LTV mortgage, rates have risen by 0.30%. 75% LTV 10-year fixed rates with £995 fee have also increased by 0.30% to 3.60%.In addition, buy-to-let two and three-year fixed rates will be increased by 0.30%. Across Virgin’s exclusive range, an 85% LTV five-year fixed rate with £1,495 fee will be increased by 0.14% to 3.59%, while remortgage exclusives have seen smaller increases of up to 0.06%.
Also within their core range, all buy-to-let (BTL) two- and three-year fixed rates will be increased by 0.30%. The core 75% LTV 10-year fixed rate with a £995 fee will rise by 0.30% to 3.60%. For product transfers, all 65% to 75% LTV fixed rates will go up by up to 0.26% while all 90% to 95% LTV two- and three-year fixed rates will be increased by 0.20% with the exception of 90% LTV rates which will be increased by 0.30%.
All BTL two- and three-year fixed rates will rise by 0.30% with the exception of selected BTL 60% LTV rates which will be increased by up to 0.15%. Meanwhile, the 65% LTV 10-year fixed rate fee-saver will go up by 0.30% to 3.90%. Finally, the BTL 60% LTV five-year fixed rate with a £1,995 fee will increase by 0.04% to 3.19%.