Virgin Money, Clydesdale Bank and TSB have announced mortgage rate rises that will take effect across product ranges.
Virgin Money will hike rates by up to 0.2%, with pricing affected in the purchase, remortgage, buy-to-let (BTL) and product transfer (PT) ranges.
In the lender’s purchase range, for example, the 80% loan-to-value (LTV) Fix and Switch fee-saver will be increased by 0.2% to 4.9%, while the 90% equivalent deal will be increased by 0.15% to 5.39%.
Bucking the trend is a decrease to the 95% LTV deal, which will be reduced by 0.06% to 5.03%.
Clydesdale’s rate changes
Clydesdale Bank is increasing rates by up to 0.32% and withdrawing two- and five-year fixed rate purchase exclusives in the 80% and 85% LTV bands.
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For example, in the lender’s core residential range, which includes PTs, Clydesdale is increasing two- and five-year fixes by up to 0.32% in the 65-75% LTV bands.
TSB combines rate rises and reductions
TSB is poised to make rate changes, which will see an increase in price in the 60% LTV bracket as well as cuts to 10% deposit deals and remortgage rates.
An increase of 0.1% will be applied to the bank’s five-year first-time buyer and homemover fixed rate at 60% LTV.
Select two- and five-year first-time buyer and homemover fixed rates at 90% LTV will be reduced by up to 0.15%.
Two-year fixed remortgage rates at 60-80% LTV will also decrease by 0.15%.
TSB’s rate changes precede tomorrow’s Monetary Policy Committee (MPC) meeting, when the Bank of England’s rate-setters will vote on whether or not to change the base rate, which is currently 5%.
In a poll of 72 economists conducted by Reuters, there was a unanimous vote that the Bank of England would cut its bank rate by a quarter-point on 7 November to 4.75%.
Two-thirds expected there to be no further rate cuts this year.
