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Virgin Money joins lenders in raising rates

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  • 14/02/2022
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Virgin Money joins lenders in raising rates
Virgin Money has increased rates across its fixed-rate residential and buy-to-let (BTL) mortgages.

The lender said it would increase all of its residential fixed rates by between 0.10 percent and 0.25 per cent. Its fixed-rate BTL interest rates would also rise, by between 0.10 percent and and 0.27 percent.

Across its broker exclusive purchase products, the 85 per cent loan to value (LTV) two-year fixed rate with a £1,495 fee has risen by 0.19 per cent to 1.82 per cent, while the 90 per cent LTV two-year fixed rate with a £995 fee has increased by 0.25 per cent to 2.14 per cent.

Core residential mortgages have risen by as much as 0.25 per cent, such as at 85 and 90 per cent LTV. This includes the 90 per cent LTV two-year fixed rate with a £995 fee. This has gone up by 0.25 per cent to 2.07 per cent.

The buy-to-let mortgage which has increased by 0.27 per cent is the five-year fixed rate at 60 per cent LTV, which is now priced at 1.96 per cent.

Earlier this month, the Bank of England doubled its base rate to 0.50 per cent as it wrestled with rising inflation. It was the BoE’s second increase in three months. Several mortgage lenders followed suit, raising their lending rates accordingly.

Virgin Money also said it would no longer offer its 75 per cent LTV five-year fixed rate at 1.70 per cent with a £995 fee.

Earlier this year, Virgin Money said it would be “selective” in its mortgage lending, after conceding that competition had pushed it to accept lower profit margins on home loans.

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