It also implements rate increases for select existing products
Virgin Money has made changes to its residential and buy-to-let mortgage range, introducing new mortgage products and adjusting existing rates.
The lender has launched two new 85% loan-to-value (LTV) five-year fixed rate exclusive remortgage Fix and Switch products. The first option comes with a fee of £1,495 and an interest rate of 5.54%, while the second, a fee-saver option, offers an interest rate of 5.89%.
Ahead of the launch of the new products, Virgin Money has also implemented rate increases for several of its mortgage offerings.
Its Fix and Switch purchase rates for 85% and 90% LTV have been hiked by of up to 0.1%, with rates starting at 5.27%, while Fix and Switch remortgage rates at 75% LTV have been raised by 0.10%, starting from 5.09%.
Buy-to-let Fix and Switch rates for 60% and 75% LTV has been increased by up to 0.15%, beginning at 5.07%.
Meanwhile, exclusive purchase fixed rates at 90% LTV has been raised by up to 0.08%, starting from 4.87%, as well as selected exclusive remortgage fixed rates by up to 0.16%, with rates starting at 4.54%.
For properties valued over £1 million, exclusive purchase and remortgage fixed rates saw increases of up to 0.20%, starting from 4.90%.
Exclusive BTL and product transfer fixed rates have both been increased by up to 0.10%, beginning at 4.07% and 4.43%, respectively.
The lender’s current rates, reflecting the latest changes, can be accessed online through its updated product guide.
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