It also implements increases for Clydesdale and Yorkshire Bank customers
Virgin Money has announced that it is increasing its mortgage variable revert rates, a couple of weeks after the Bank of England raised its base rate by 0.25%.
Virgin Money’s residential SVR will increase from 4.74% to 4.99%.
Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will also increase from 4.49% to 4.74%.
Its BTL variable rate will go up from 4.94% to 5.19%.
The revised rates will take effect for new customers from April 05, and for existing customers from May 01.
Virgin Money is also increasing rates for Clydesdale and Yorkshire Bank customers. Residential SVR will be raised from 4.74% to 4.99%, and residential offset variable rate will increase from 4.95% to 5.20%. The BTL revert rate and offset variable investment housing loan rate will increase from 5.35% to 5.60%.
The revised rates will take effect for new customers from April 01, and for existing customers from their next payment date after that.
