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Victoria to increase sub-prime product rates by 2.5 per cent

Non-conforming lender Victoria Mortgages is set to increase its sub-prime products by 2.5 per cent following its withdrawal from the market earlier this month.

The lender expects to launch its re-priced products by the end of the month.

With its sub-prime rates increased by as much as 2.5 per cent, the lender has effectively priced itself out of the market for the near future.

It will increase its rates by 1.25 per cent for its near-prime range.

This week has seen Mortgages plc increase its rates by between 0.75 per cent and 1 per cent; Edeus says it will increase rates by 0.35 per cent whilst Kensington will be increasing rates by 0.55 per cent.

Money Marketing previously revealed that Investec-backed Unity Homeloans and Infinity Mortgages had temporarily withrawn its sub-prime products from the market in order to reprice, following an earlier move by DB Mortgages.

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