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Virgin Money and Hodge to increase rates – round-up

Anna Sagar
Written By:
Posted:
June 26, 2023
Updated:
June 26, 2023

Virgin Money is increasing select exclusive, core and product transfer rates by as much as 0.15 per cent from 8pm today.

In its exclusive and core range, two-year fixed rates will be upped by 0.15 per cent and start from 5.81 per cent.

Three-year fixed rates will rise by around 0.1 per cent and begin from 5.66 per cent.

Five-year fixed rates will go up by around 0.05 per cent and are priced from 5.15 per cent.

On the buy-to-let side, two-year fixed rates will increase by around 0.15 per cent and start from 5.37 per cent, whilst five-year fixed rates will rise by around 0.05 per cent and begin from 5.06 per cent.

In its product transfer range, two-year fixed rates will rise by around 0.15 per cent and start from 5.62 per cent.

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Three-year fixed rates will increase by 0.1 per cent and start from 5.52 per cent and five-year fixed rates will go up by around 0.05 per cent and start from 5.01 per cent.

 

Hodge

Hodge will be increasing rates across its ranges from 30 June, with brokers given until 5pm on 27 June to submit decisions in principle.

Brokers have until 5pm on 29 June to submit full mortgage applications.

The lender is increasing 50 plus mortgages, retirement interest-only, holiday let and professional mortgages.

On the 50 plus mortgage side, two-year fixed and five-year fixed rates between 60 and 85 per cent LTV will increase.

Both two and five-year fixed RIO rates from 60 to 75 per cent LTV will rise, and holiday let deals from 60 to 75 per cent LTV will go up.

On the professional mortgage side, two and five-year fixed rates between 80 and 90 per cent LTV will increase.

A spokesperson for Hodge said: “Due to the Bank of England increasing the base interest rate last week, Hodge has had to increase the rates on its RIO, 50 plus, holiday let and professional mortgage products. We are not passing on the full 0.5 per cent base rate increase announced by the Bank of England on Thursday, we will be increasing rates by 0.4 per cent in most instances.

“The rate increases will come into effect from 30 June.”