For the last few week we have been reporting on the welcome rate reductions coming from most lenders following the dramatic rate hike of 2022. For many mortgage brokers, it looked like things were finally returning to somewhat normal levels. However, Virgin Money, the lending arm of Richard Branson’s Virgin empire, announced that they would be making a surprising mortgage rate increase across various products. Here is a breakdown of what they have said:
Virgin Money Mortgage Rate Increase
In an email to all brokers, Virgin announced that they would be making changes to the following existing remortgage products.
- 65% LTV 2 Year Fixed Rate with £995 fee will be increased by 0.11% to 4.54%.
- 75% LTV 2 Year Fixed Rate with £995 fee will be increased by 0.11% to 4.59%.
- 65% LTV 5 Year Fixed Rate with £995 fee will be increased by 0.04% to 3.99%.
- 75% LTV 5 Year Fixed Rate with £995 fee will be increased by 0.08% to 4.18%.
- 65% LTV 2 Year Fixed Rate fee-saver will be increased by 0.20% to 4.79%.
- 75% LTV 2 Year Fixed Rate fee-saver will be increased by 0.20% to 4.89%.
- 75% LTV 3 Year Fixed Rate fee-saver will be increased by 0.25% to 4.59%.
- 65% LTV 5 Year Fixed Rate fee-saver will be increased by 0.08% to 4.18%.
- 75% LTV 5 Year Fixed Rate fee-saver will be increased by 0.09% to 4.29%.
Mortgage Advisor’s Perspective
As hopeful mortgage advisors, these rate increases have come as a bit of a shock to be completely honest. Just as we had started to breath again and it looked like rates would continue to drop, Virgin have announced this. Why have they raised rates? Will other lenders follow suit? We hope not. All we can do for the time being is help our clients to re-structure and replace their existing loans with the lenders who are still reducing their rates and pray that this is just Virgin Money’s way of saying that their appetite for lending is low at the moment.
Lower Virgin Money Mortgage Rates Accessible Only Through Brokers
As mortgage high-standing mortgage brokers in the PRIMIS mortgage network, Oportfolio Mortgages has access to exclusive rates and products only available to mortgage brokers. With this, Virgin Money have also released some discounted products that we can help you secure. Here are the updates:
Free Valuation Deals –
- NEW 65% LTV 2 Year Fixed Rate with £1,495 fee at 4.44%.
- NEW 75% LTV 2 Year Fixed Rate with £1,495 fee at 4.49%.
- NEW 85% LTV 2 Year Fixed Rate with £1,495 fee at 4.59%.
- NEW 90% LTV 2 Year Fixed Rate with £1,495 fee at 4.90%.
Deals with £1,000 cashback and free valuation –
- NEW 75% LTV 2 Year Fixed Rate with £995 fee at 4.78%.
- NEW 85% LTV 2 Year Fixed Rate with £995 fee at 4.90%.
- NEW 90% LTV 2 Year Fixed Rate with £995 fee at 5.25%.
- NEW 85% LTV 3 Year Fixed Rate with £995 fee at 4.74%.
Buy-to-let deals for portfolio landlord –
- NEW 50% LTV 2 Year Fixed Rate with £3,995 fee at 4.73%.
- NEW 60% LTV 2 Year Fixed Rate with £3,995 fee at 4.83%.
- NEW 50% LTV 5 Year Fixed Rate with £3,995 fee at 4.64%.
- NEW 60% LTV 5 Year Fixed Rate with £3,995 fee at 4.69%.
All of these mortgage rate increases from Virgin will come into affect from 8pm on the 20th of February 2023. If you or anyone you know is looking for a new mortgage or remortgage, we are expert specialist mortgage brokers and can help you to get the best deal possible. Call our team today to see how we can help you.
