Virgin Money and Principality Building Society reprice select fixed rates
Only hours after the Autumn Budget was revealed, a couple of lenders have announced increased rates on select mortgage products.
Virgin Money raised rates across a range of its mortgage offerings, effective from 8pm of October 30.
For purchase mortgages, select two- and five-year fixed rate products with a £995 fee are now up to 15 basis points (bps) higher, starting from 4.14%, while fee-free options start from 4.29%. The 75% loan-to-value (LTV) five-year fixed rate for loans over £1 million has also increased by 15bps to 4.24%, while Virgin’s Retrofit Boost five-year rates now start from 4.49% after similar hikes.
For remortgages, Virgin Money’s 65% LTV two-year fixed rate rose by 5bps to 4.43%, and five-year fixed rates for 65% and 75% LTV have climbed by up to 12bps, starting from 4.12%. Buy-to-let products also saw adjustments, with the 60% LTV two-year fixed rate rising by 10bps to 3.57%, while select five-year BTL rates now start at 3.88% following increases of up to 15bps.
Meanwhile, Principality Building Society’s intermediaries division will also increase rates on multiple products from tomorrow, November 1.
Residential fixed rate mortgages across 65% to 90% LTV bands are set to rise by up to 17bps, with higher rates applied to two-, three-, and five-year terms. Products that include cashback options will see similar adjustments, with rates up by 10 to 16bps depending on the LTV tier.
Principality’s new-build and buy-to-let products will also be affected. The five-year fixed rates for BTL loans at 60%, 70%, and 75% LTV will increase by up to 18bps, while holiday let mortgages will see rate hikes of up to 11bps.
In contrast, Principality is reducing its five-year fixed 75% LTV Help to Buy Wales product by 4bps. It is also introducing two-year fixed 65% and 75% LTV products with a £1,499 product fee.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
