Virgin Money is increasing the rates on a selection of its mortgage deals from 8pm today.
The two-year fixed rate purchase exclusive, which is available up to 80 per cent loan to value (LTV), will see its rate rise by 0.08 per cent to 2.14 per cent. It comes with a £995 fee.
On the core range, a selection of two and three-year fixed rates, available between 65 per cent and 85 per cent LTV, will be increased by up to 0.14 per cent.
Bigger increases are taking place on the longer-term fixed rates. Selected seven and 10-year fixed rate deals, available between 65 per cent and 75 per cent LTV, will see their rates rise by up to 0.30 per cent.
Finally, the interest rates on a selection of buy-to-let mortgage products available up to 60 per cent LTV will be hiked by up to 0.12 per cent.
It’s not the first time Virgin has increased interest rates on its product range of late, and comes after it warned that it would be more selective with its lending as a result of the high levels of competition in the mortgage market currently.
New deals at Santander
Elsewhere, Santander has launched a range of high LTV mortgage products, many of which come with no arrangement fee.
For example, there are four remortgage only products, including a two-year fixed rate at 2.44 per cent, up to 85 per cent LTV, and a five-year fixed rate at 2.99 per cent, up to 90 per cent LTV. All four deals are fee-free.
There are also two large loan products; a two-year fixed rate at 2.29 per cent and a five-year fixed rate at 2.34 per cent. Both are available up to 75 per cent LTV and come with a £2,499 fee.
Santander has also released a pair of buy-to-let deals, available for both purchase and remortgage. The products, which are available up to 75 per cent LTV and have a 2.44 per cent interest rate, are available on two and five-year terms. They are both fee-free.
Alongside the launches, Santander has increased the rate on its purchase-only two-year fixed rate mortgage guarantee product to 2.89 per cent, a rise of 0.15 per cent.
On its product transfer range, Santander is increasing the rates on most fixed and tracker deals by between 0.05 per cent and 0.20 per cent.
Santander’s product changes take place from tomorrow.
Nationwide tracker rise
Nationwide Building Society is also increasing certain rates from tomorrow.
All of its business tracker rates will be rising in line with last week’s Bank of England base rate increase.
