Virgin Money ups mortgage rates

The lender is pushing up the cost of purchase two- and five-year fixed rates, as well as shared ownership rates, by 0.3%.

At the same time, 10-year fixes will rise by 0.15% and two-year fixes by 0.1%.

Across remortgage deals, two-, five- and 10-year fixed rates will rise by 0.2%.

Earlier in the summer, the lender trimmed rates by up to 1.6%, but these latest increases will reverse the majority of these cuts.

Lenders have recently been making changes as they assess the outlook for the market; at the end of last week, HSBC and TSB both cut rates.

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The average two-year fixed rate currently stands at 5.59%, according to data site Moneyfacts.co.uk.