Virgin Money increases rates on purchase and remortgage products

Amid a slew of rate increases across the industry, the lender is changing rates on its core 85% LTV products - both two- and five-year fixes - by 0.20%, now beginning at 4.59%. For two- and five-year fixed rates in the core 95% range, rates will increase by 0.10% and will now start at 5.24%.

Fixed rates on the 'Greener' 85% LTV product will increase by 0.20%, with products now starting at 4.59%, and the same increase is seen on shared ownership 85% fixed rates, which will now start at 4.42%, and 'Own New' 85% LTV fixed rates - a rate reducer product for new build homes - which will now start from 2.06%.

Rates on the retrofit 'Boost' 85% LTV product with a five-year fix are increased by 0.20% to begin from 4.84%.

The lender urged any brokers applying for these products on behalf of customers to send in applications by 8pm today.