Variable rates cut; fixed rates raised
Virgin Money and Clydesdale Bank have announced changes to their mortgage rates in response to the Bank of England’s decision to lower the base rate to 4.75% earlier this month.
Effective November 28, Virgin Money will reduce its standard variable rate from 8.99% to 8.24%, while its buy-to-let variable rate will drop from 9.19% to 8.44%.
Clydesdale Bank has adjusted several of its variable rates today, with its standard variable rate having been reduced from 8.99% to 8.24%, the offset variable rate from 9.20% to 8.45%, and the buy-to-let variable rate and offset variable investment housing loan rate from 9.49% to 8.74%.
At the same time, Clydesdale Bank has raised rates on selected fixed rate products across its residential, buy-to-let, and professional mortgage ranges.
Fixed rates for core residential products with two- and five-year terms at 85%-95% loan-to-value (LTV) has increased by up to 29 basis points (bps). Two-year fixed rates for buy-to-let mortgages at 60%-75% LTV has been raised by 30bps. Rates for exclusive products, including two- and five-year fixed terms at 80% LTV for large loans and remortgages, has increased by up to 20bps and 15bps, respectively.
Additionally, two- and five-year 85% LTV remortgage exclusives and 90% LTV purchase exclusives are being reintroduced, starting at 4.57% and 4.78%, respectively. Selected two- and five-year professional mortgage rates has also increased by up to 21bps.
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