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HSBC ups rates; Virgin Money launches deals and amends pricing – round-up

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  • 10/07/2023
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HSBC ups rates; Virgin Money launches deals and amends pricing – round-up
HSBC has increased rates across new and existing borrower mortgages up to 95 per cent loan to value (LTV).

This applies across its residential and buy-to-let ranges, with rate increases of up to 0.6 per cent. 

For example, a two-year fixed purchase mortgage at 85 per cent LTV has risen in rate by 0.5 per cent to 6.29 per cent. This has a £999 fee. 

A two-year fixed remortgage at 60 per cent LTV, also with a £999 fee, is now 6.24 per cent, up from 5.79 per cent. 

For existing customers who are switching, a two-year fix at 60 per cent LTV with no fee has increased by 0.28 per cent to 5.84 per cent. 

A HSBC spokesperson said: “We’re firmly focused on supporting customers in the current environment, but, like other banks, we have had to reflect significant market movements in our mortgage rates, which changed today.” 

  

Virgin Money

Virgin Money will launch two products to its exclusive range from tomorrow. 

This includes a remortgage exclusive at 70 per cent LTV, which is a two-year tracker with a £995 fee. Rates start at 5.29 per cent and the product allows borrowers to switch to a fixed rate without paying an early repayment charge (ERC). 

For buy-to-let borrowers, there is a new purchase and remortgage deal at 75 per cent LTV. This is fixed for five years and has a £2,195 fee. Rates begin from 5.83 per cent. 

From 8pm today, the lender will amend some of its rates. 

The two-year freedom to fix tracker at 65 per cent LTV will be reduced by 0.02 per cent to 5.23 per cent. 

The lender will increase its two-year fixed rates by 0.35 per cent, to start from 6.26 per cent, while three-year fixes will rise by the same and start from 6.11 per cent. 

Five-year fixed mortgage rates will rise by up to 0.3 per cent and begin from 5.53 per cent, while buy-to-let fixed rates will go up by 0.35 per cent and start from 5.36 per cent. 

Virgin Money will also increase its product transfer rates by 0.4 per cent. These will start from 5.18 per cent. 

Its buy-to-let product transfer rates will also rise by 0.4 per cent and start from 5.53 per cent. 

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