Changes impact fixed rate options for homebuyers, remortgagers, and BTL investors
Virgin Money and Clydesdale Bank has implemented a series of rate increases across their mortgage and buy-to-let products, with changes affecting a range of fixed rate options across different loan-to-value (LTV) tiers for both new purchases and remortgages.
Virgin Money’s rate adjustments include increases across multiple LTV bands for residential, shared ownership, and BTL products. Highlights include a 0.20% rise on the 75% LTV Fix and Switch fee-saver for remortgages, bringing it to 4.94%, and a 0.10% increase on the 75% and 95% LTV 10-year fixed rates, now starting from 4.99%. Additionally, its Retrofit Boost seven- and 10-year rates will rise by 0.10%, with rates beginning at 5.54%.
For purchase products, Virgin Money has also reduced the rate on its 95% LTV five-year fee-saver by 0.06%, now at 5.03%. Shared ownership deals now come with a free valuation and £200 cashback.
The lender’s current rates, reflecting the latest changes, can be accessed online through its updated product guide.
Meanwhile, Clydesdale Bank’s rate increases apply to its core residential, large loan, professional, and BTL product lines, primarily in the 65 to 75% LTV range. Residential and large loan products have seen fixed rate increases of up to 0.32% and 0.22%, respectively. Professional products have increased by up to 0.26%, and BTL five-year fixed rates at 65 to 75% LTV have gone up by 0.30%.
In addition, Clydesdale Bank has withdrawn its 80 to 85% LTV two- and five-year fixed rate purchase exclusives.
Since 2019, Clydesdale Bank and Yorkshire Bank have operated under the Virgin Money brand, following a rebranding effort aimed at consolidating their services. Last month, Virgin Money announced it had been acquired by Nationwide Building Society, a move expected to establish Britain’s second-largest mortgage provider.
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