Virgin Money raises mortgage rates on most loans

Virgin Money has announced multiple rate changes across a range of mortgage products effective August 8.

The changes include a rise in the standard variable rates for both owner occupier and investment interest-only loans for new and existing customers.

Virgin Money will also increase fixed interest-only rates for both owner occupied and investment loans.

The lender is no longer accepting Rate Lock requests for pre-approvals or for off-the-plan purchases, the Australian Broker reported, citing a broker note.

It said that standard variable interest only rates will be raised by 25 basis points for new and existing customers.

Most rates have gone up 25 basis points. For example, the variable rate for owner occupied loans have gone up from 4.64 percent to 4.89 percent. The rate for investors has risen from 4.94 percent to 5.19 percent. 

More information on Virgin Money’s current interest rates can be found here.