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Virgin ups tracker rates; TSB increases reversion rates – round-up

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  • 08/08/2022
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Virgin has increased its tracker mortgage rates to reflect the change in the base rate, which was risen by the Bank of England’s Monetary Policy Committee last week.

The base rate was increased by 0.5 per cent to 1.75 per cent, the first-time it has been increased by this amount since 1995 and the sixth consecutive increase.

Virgin’s flexible residential product at 65 per cent loan to value (LTV) now stands at 3.39 per cent, which is the base rate plus 1.64 per cent.

At 75 per cent LTV the price is 4.54 per cent, whilst at 85 per cent LTV the rate is set at 5.34 per cent.

All the above products come with a £995 product fee, and there are no valuation or legal fees.

The lender said those in the pre-offer stage of a mortgage application would go through as normal, whilst customers at the post-offer stage would be informed of the updated base rate and how it would impact monthly payments.

Virgin said that existing customers with mortgage rates directly linked to the base would be contacted to let them know their payments would change on 1 October.

 

TSB ups reversion rates

TSB has increased its homeowner and buy-to-let variable rates for new customers to 5.24 and 6.09 per cent respectively.

The change applies to new customers from today.

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