Nationwide and Virgin up rates – round-up

Nationwide’s rate changes will take effect from 30 September, including its two-, three-, five- and 10-year fixes, as well as its two-year tracker products. 

Increases of between 0.06% and 0.18% will be made to two-, three- and five-year fixed new and existing homemover rates, with pricing now starting at 4.99% for a two-year fix, 5.04% for a three-year fix and 5.01% for a five-year fix. Two-year tracker products between 75% and 90% loan to value (LTV) will increase by between 0.03% and 0.06%, with rates starting from 4.09%. 

For first-time buyers, Nationwide has raised rates by between 0.05% and 0.21%, applied to its two-, three- and five-year fixes. Rates start from 5.16% for a two-year fix, 5.21% for a three-year fix and 5.05% for a five-year fix. 

Across its remortgages, rate increases between 0.02% and 0.2% have been made, with two-year fixes from 5.04%, three-year fixes from 5.09% and five-year fixes from 5.06%. 

Its two-year tracker rates now start from 4.17%, following increases of between 0.03% and 0.09% across deals at 60% and 90% LTV. 

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Nationwide’s switcher rates will rise by between 0.04% and 0.2%, with two- and three-year rates from 4.89% and five-year rates starting at 4.97%. Its 10-year fixed switcher rates will start from 5.16%. 

Aaron Strutt, products and communications director at Trinity Financial, said: “We are having yet another wave of fixed rate rises, with Nationwide, Virgin Money and TSB pushing up the price of their mortgages so far today. 

“Nationwide has actually waited nearly two weeks to increase its fixed and trackers since its last price hike, and during this time, some lenders have raised their fixes multiple times.” 

He added: “Unfortunately, Nationwide will only have one fixed rate available to new customers below 5% after these new rates go live, which is a two-year fix at 4.99% with a £1,499 fee for those with a 40% deposit. We are getting to the stage where there are not many sub-5% fixed rate mortgages left, but there are still some decent tracker deals to choose from. 

“It would not be a surprise if more banks and building societies raise their rates over the coming days, and at the moment, price cuts look a long way off.” 

Virgin Money ups mortgage rates 

Virgin Money has increased mortgage rates across purchase and remortgage deals, also effective from 30 September. 

This includes increases of up to 0.13% across its two-year fixed purchase rates, while five-year fixes will rise by as much as 0.11%. 

Further, shared ownership fixed rates will increase by up to 0.13%. 

Its two-year fixed remortgage rates will rise by as much as 0.12%, while five-year fixes will increase by up to 0.16%. 

Increases of up to 0.2% will be made to two-year fixed product transfer rates, while three-year fixes will rise by as much as 0.16%, and five- and 10-year fixed rates by as much as 0.2%.