Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Nationwide, Virgin Money and Coventry BS Announce Mortgage Rate Increases

Nationwide, Virgin Money, and Coventry Building Society have announced increases to selected mortgage rates. The changes affect a range of products for first-time buyers, homemovers, existing customers, and remortgages.

Nationwide is increasing selected fixed and tracker rates by up to 0.35% across its first-time buyer, homemover, existing customers moving home, and remortgage products. Following the changes, Nationwide is offering a 4.54% two-year fixed homemover deal at 60% loan to value (LTV) with a £1,499 fee, and a 4.83% two-year fixed mortgage for first-time buyers at 80% LTV with a £1,499 fee. In the remortgage range, a 4.72% two-year fixed product at 60% LTV with a £1,499 fee is now available. The tracker range includes a 4.09% two-year tracker homemover product at 60% LTV with a £999 fee. The highest rate among the repriced products is a 5.94% 10-year fixed remortgage at 90% LTV with no fee.

Virgin Money will also increase rates in its purchase and remortgage range by up to 35 basis points (bps) for two- and five-year fixed rates, and by 20bps for 10-year fixes. These changes apply to both purchase and remortgage products.

Coventry Building Society is set to increase rates across its residential, buy-to-let (BTL), and limited company BTL ranges for both new and existing borrowers. These changes will take effect from the evening of 16 July.

For letting agents and inventory clerks, these rate changes may influence the affordability and demand for rental properties, as well as the activity of buyers and landlords in the UK property market.