Virgin increases residential and buy-to-let rates by up to 0.25%

Virgin Money has increased purchase and remortgage product rates across its residential and buy-to-let mortgage ranges by up to 0.25%.

The latest increases follow rises of up to 0.20% across the lender's product ranges last week.

In its latest round of rises, selected two and five-year fixed rate residential products have risen by up to 0.15%, now starting from 4.29%.

Residential shared ownership rates are increasing by 0.10% and selected Own New rates are up by 0.15%, starting from 0.55%. The Own New Rate Reducer scheme uses the incentives offered by housebuilders to provide lower mortgage rates for new build home purchasers.

£1m+ and Retrofit Boost rates have also increased by 0.20%. 

In Virgin's residential remortgage range, 65% and 75% LTV two and five-year fixed rates have risen by up to 0.14%, starting from 4.24%. £1m+ rates have increased by up to 0.15% and Retrofit Boost rates by up to 0.20%. 

For buy-to-let, two and five-year fixed rates have increased by between 10-20bps across a range of fee options. Rates with a £2,195 fee now start from 4.32%, rates with a 3% fee from 3.67%, rates with 1% fee from 4.39%, with £995 fee from 4.54%, and fee-saver rates from 4.80%. 

Retrofit Boost rates will also rise by up to 0.20%, starting from 4.78%.

Residential product transfer rates are increasing by up to 0.25%, now starting from 4.19%, and buy-to-let rates by 0.20%, starting from 4.24%.

As part of the changes, Virgin is withdrawing a selection of 80% LTV exclusive purchase products.