Virgin has announced increases in its mortgage rates, adding up to 0.39% to both residential and buy-to-let mortgages. Alongside this, they have rolled out new mortgage options that blend the best of both worlds for borrowers looking for stability and flexibility.

In a bid to offer more adaptable financial products, Virgin introduced the Fix and Switch range last month. This innovative mortgage option caters to borrowers desiring the certainty of a five-year fixed rate, coupled with the option to switch to a different product after two years without facing any early repayment charges.

Adding to its portfolio, Virgin has launched two exclusive products under this range:

• A 90% Loan-to-Value (LTV) five-year fixed rate purchase product, pegged at a 4.98% interest rate, complete with £250 cashback.
• A remortgage product with a 70% LTV, offering a five-year fixed rate at 4.69%, accompanied by perks such as a free valuation and free legal services.

Both these options come with a fee of £1,495, providing an attractive package for both new buyers and those looking to remortgage.

Rate Rises Across the Board

Virgin’s latest announcement doesn’t stop at new products. The lender has also revised its rates upwards across a wide array of mortgage products, with the most significant increases affecting loans above £1 million and remortgages, which have seen hikes of up to 0.39%, starting now from 4.76%.

For those eyeing properties with an 85%-90% LTV, the exclusive fixed rates for purchases have also seen an uptick by up to 0.10%, with rates now starting from 4.50%. Similarly, exclusive remortgage rates for 60% and 70% LTVs have edged up by up to 5 basis points, now beginning at 4.29%.

Investors haven’t been spared either. Exclusive buy-to-let mortgage rates have increased by 0.10%, with rates now kicking off from 3.97%. Moreover, product transfer rates for both residential and buy-to-let mortgages have seen rises of up to 0.15% and 0.25%, respectively.