Virgin pulls sub-4% fixes in new round of rate increases

Virgin Money has become the latest lender to announce increases to its fixed rate mortgages.

Rates across its residential purchase, remortgage, buy-to-let and product transfer ranges have increased by up to 0.10%.

As a result, 65% and 75% LTV five-year fixed rates now start from 4.04%, with 85% LTV fixed rates now starting from 4.24%.

In its exclusive residential purchase range, selected Own New fixed rates have risen by 0.10%, starting from 0.35%, and Retrofit Boost five-year fixed rates now start from 4.34%. The Own New Rate Reducer mortgage range gives the cashback often given to buyers by new-build developers back into the mortgage, lowering the interest rate.

In Virgin's exclusive remortgage range, selected Fix and Switch and Retrofit Boost rates have increased by up to 0.10%.

For product transfers, selected two and three-year fixed rates have risen by up to 0.05%, starting from 4.07%, while five-year fixed rates are available from 3.89%. 

Virgin has also launched one-year fixed rate fee-saver products for product transfer, starting from 5.04%. 

In the lender's exclusive buy-to-let range, 60% LTV two-year fixed rates now start from 4.29% with a £2,195 fee and 4.39% with a 1% fee. Five-year fixes have risen to 4.07% with a £2,195 fee and 4.12% with a 1% fee.

Buy-to-let Fix and Switch rates have increased to 4.74% with a £495 fee and 5.00% fee-free.