Virgin Money has announced a mixed bag of rate changes for mortgage holders and prospective buyers.

While some borrowers will be hit with increases, others will enjoy reductions on certain products. Here’s a breakdown:

What’s Going Up?

• Fixed-rate fee-saver (75% LTV): This 5-year deal will see a 0.01% increase, pushing the rate to 4.67%.
• Buy-to-let Fix and Switch: Landlords looking at this option will see a 0.10% reduction on both the 60% LTV (now 5.54%) and 75% LTV (now 5.64%) deals.

What’s Going Down?

• 5-year fixed-rate fee-savers: Good news for buyers with smaller deposits:
  • 90% LTV deals are dropping by 0.09% to 5.00%
  • 95% LTV deals are down 0.05% to 5.35%
• Buy-to-let fixed rates:
  • Rates with a £995 fee are slashed by up to 0.31%, starting from 4.78%
  • Fee-saver rates are down by up to 0.24%, starting from 5.04%
• Residential product transfers: Existing customers can benefit from rate reductions of up to 0.04% on 65% & 75% LTV fixed rate deals, with rates starting from a competitive 4.41%.

What does this mean for you?

These changes highlight the constantly shifting situation in the mortgage market. Whether you’re buying, remortgaging, or considering a buy-to-let investment, it’s crucial to shop around and compare deals to secure the best possible rate. Don’t hesitate to seek advice from a qualified mortgage broker to find the right mortgage for your needs.