Virgin Money rate hike

retepetsir

So unfortunately a Financial Times article popped up on my phone earlier mentioning big rate hikes this week to stem demand.

I'd received a DIP this week from Virgin Money and it looks like they put their 5-year fix rate for 65% LTV up from 1.64 to 1.96%, having been just 1.55% only two weeks back.

I received a partially completed mortgage application form yesterday, but assume we are now screwed and will be getting the higher rate rather than 1.64%? It makes a surprising amount of difference . If only our damn buyers hadn't pulled out back in September. 

ACG

There will be other lenders who may be cheaper.

Another alternative, but no guarantee - submit the application, if they go quiet they may lower their rates to get more business in again and you can ask them to switch products? 

retepetsir

Thanks for the reply. We've found Coventry that seems to be cheaper but it looks like they work on a ratio of around 3.75x for earnings whereas we were looking for 4x, so that's another way to stem demand. 

Good idea, thank you.