Nationwide and Virgin Money raise rates by up to 35bps – Mortgage Strategy
Nationwide and Virgin Money are increasing a range of mortgage rates from 16 July, with fixed-rate deals rising by as much as 35bps.
Nationwide said it will increase selected fixed and tracker rates by up to 35bps.
The increase will apply to products for first-time buyers, home movers, existing customers moving home and remortgage borrowers. Rates on switcher and additional borrowing products will remain unchanged.
Virgin Money is also raising mortgage pricing across its purchase and remortgage ranges.
For purchase loans, two-year and five-year fixed rates will increase by up to 35bps, while 10-year fixed rates will rise by 20bps. Shared ownership fixed rates will increase by up to 30bps.
For remortgage customers, Virgin Money will increase two-year and five-year fixed rates by up to 35bps, with 10-year fixed rates rising by 20bps.
The latest changes come as lenders including Barclays continue to adjust mortgage pricing in response to movements in funding costs and market expectations for interest rates.
