Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Nationwide and Virgin Money to Increase Mortgage Rates by Up to 35bps
Nationwide and Virgin Money are set to increase a range of mortgage rates from 16 July, with fixed-rate deals rising by as much as 35 basis points (bps). The changes will affect a variety of products for both new and existing customers.
Nationwide has confirmed that selected fixed and tracker mortgage rates will rise by up to 35bps. This increase will apply to products for first-time buyers, home movers, existing customers moving home, and those seeking to remortgage. However, rates for switcher and additional borrowing products will remain unchanged.
Virgin Money will also raise 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.
These changes come as lenders, including Barclays, continue to adjust mortgage pricing in response to movements in funding costs and market expectations for interest rates.
Letting agents and inventory clerks should be aware of these rate changes, as they may impact affordability and demand among prospective tenants and buyers.
Source: Mortgage Strategy