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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.