New Virgin Money announcement affects customers 'from today'

New Virgin Money announcement affects customers 'from today'It has followed others in making changes and it kicks in straight awayCommentsMoneySteven Smith Content Editor08:04, 23 Apr 2026View 3 ImagesVirgin Money is making changes(Image: chrisdorney via Getty Images)Following on from HSBC and Barclays, Virgin Money has announced that, from Thursday, it will be reducing selected fixed mortgage rates by up to 0.45%. One broker welcomed the size of the rate cuts, saying "lenders are now reducing rates as aggressively as they increased them", but another warned future rate rises cannot be ruled out.‌On the purchase front, Virgin Money is reducing two-year fixed rates by up to 0.37%, five-year fixed rates by up to 0.45%, 10-year fixed rates by 0.40% and Shared Ownership fixed rates by up to 0.45%. Remortgages will see two-year fixed rates come down by up to 0.32%, 5-year fixed rates reduced by up to 0.35% while the 75% loan-to-value (LTV) 10-year Fixed Rate fee-saver product will be reduced by 0.25%. Virgin Money also announced its two-year tracker rates would be increased by up to 0.25%.‌Katy Eatenton, mortgage and protection specialist at St Albans-based Lifetime Wealth Management, said: "Cuts this big are great to see and will start to generate confidence across the market. Lenders are now reducing rates as aggressively as they increased them. If more lenders follow suit, this may get the property market moving again after what has been an exceptionally turbulent March and April."‌View 3 ImagesRates are changing constantly (Image: tupungato via Getty Images)Charles Hart, business principal at Milton Keynes-based LionHart Mortgages & Protection, urged borrowers to be fast as rates today could be gone tomorrow. He said: "In the current climate, it's important borrowers seek advice on a wide range of options and, when deals or opportunities present themselves, they need to act quickly, as the deals may not be there tomorrow.&q...