Virgin Money is increasing selected residential and buy-to-let rates from 16 September while withdrawing a range of 65% LTV products and introducing new 60% LTV deals.

For residential purchase customers, two-year fixed rates will rise by up to 0.18%, while five-year fixed rates will increase by up to 0.13%.

Virgin Money is also withdrawing its 65% LTV two-year and five-year fixed rates with a £999 fee, alongside equivalent fee-saver products. Its 65% LTV two-year tracker products, both with a £999 fee and on a fee-saver basis, will also be removed.

For remortgage customers, two-year and five-year fixed rates will both increase by up to 0.21%. The lender will withdraw the same range of 65% LTV fixed and tracker products from its remortgage range.

PRODUCT TRANSFERS

Product transfer pricing will also change, with two-year, three-year and five-year fixed rates increasing by up to 0.15%, while 10-year fixed rates will rise by 0.10%.

Virgin Money will withdraw its 65% and 75% LTV two-year and five-year fixed rates carrying a £1,999 fee. It will also remove 65% LTV two-year, three-year, five-year and 10-year fixed rates with a £999 fee and equivalent fee-saver options.

The lender’s 65% LTV two-year tracker product transfer rates, both with a £999 fee and as fee-saver options, will also be withdrawn.

Buy-to-let product transfer rates are set to rise more sharply. Two-year fixed rates will increase by up to 0.33%, three-year fixes by up to 0.30% and five-year fixes by up to 0.35%.

Applications for products being withdrawn must be submitted by 8pm on 15 September.

NEW 60% LTV RANGE

Virgin Money is launching a new range of 60% LTV products from 8pm on 15 September.

For purchases, the range includes a two-year fixed rate at 5.03% with a £999 fee and a fee-saver alternative at 5.24%. Five-year fixed rates will be available at 4.99% with a £999 fee and 5.11% without a fee.

Two-year purchase tracker rates will start at 4.24% with a £999 fee, with a fee-saver version priced at 4.84%.

For remortgages, the new 60% LTV two-year fixed rate will be 5.06% with a £999 fee, alongside a 5.34% fee-saver. Five-year rates will be 5.09% with a £999 fee and 5.19% fee-free.

The equivalent two-year remortgage tracker will be priced at 4.24% with a £999 fee and 4.89% on a fee-saver basis.

Virgin Money is also adding a series of 60% LTV product transfer options. These include two-year fixed rates from 4.81%, three-year fixed rates from 4.79%, five-year fixes from 4.89% and 10-year fixed rates from 5.09%, all with a £999 fee.

Fee-saver alternatives will be priced at 5.08%, 5.05%, 5.04% and 5.19% respectively.

The lender will also offer a 60% LTV two-year product transfer tracker at 4.05% with a £999 fee and 4.69% without a fee.

Product end dates will move to 1 December of the relevant year.