Overview
- Virgin Money raised fixed deals on Thursday, with purchase rates up to 0.70%, remortgage rates up to 0.65%, and buy-to-let rates up to 0.75%.
- Santander will lift new business and product transfer fixed rates by up to 0.53% on Friday.
- These latest steps cap a month of rapid repricing, as Virgin Money’s cumulative increases now exceed one percentage point across several rounds.
- Brokers say products are vanishing and urge borrowers to lock offers, as lenders add bigger cushions to cover sudden jumps in funding costs.
- Market watchers link the surge to the conflict in Iran raising oil and UK petrol prices, which boosts inflation expectations and lifts swap and gilt yields that set the cost of fixed-rate mortgages.