Clydesdale also adjusts rates across its residential, BTL, and professional ranges
Virgin Money and Clydesdale Bank have announced reductions to their standard variable rates (SVRs) and other variable mortgage rates.
Virgin Money’s SVR has dropped from 8.24% to 7.74%, while its buy-to-let variable rate has decreased from 8.44% to 8.24%.
Clydesdale Bank will implement similar adjustments, reducing its SVR from 8.24% to 7.74% and its offset variable rate from 8.45% to 7.74%. The bank’s buy-to-let variable rate and offset variable investment housing loan rate will also decrease, moving from 8.74% to 8.24%.
Applications for Clydesdale Bank variable rate discounted offset products will have their rates updated automatically to reflect the reduced variable rates from today, January 23, 2025. Customers will receive communication outlining their updated rate and revised monthly payment upon completion of their loan. Fixed and tracker rate products, however, remain unaffected by the adjustment.
Read next: Introduction to Clydesdale for intermediaries
Meanwhile, Virgin Money customers on variable rates will see their changes take effect from February 1, 2025. Borrowers will receive details of their new rate and monthly repayments in advance.
Clydesdale Bank customers will transition to the new rates following their first payment date after January 23, 2025. The revised payment amount will then apply from the subsequent month.
Earlier in the week, Virgin Money announced updates to its broader mortgage offerings, including new product launches, rate changes, and the alignment of lending into retirement policies with Clydesdale Bank.
Clydesdale has also introduced new large loan mortgage products and made significant adjustments to rates across its residential, buy-to-let, and professional mortgage ranges. These loans, available for amounts between £1 million and £3 million at 50% loan-to-value (LTV), are fixed for two or five years, with rates starting at 4.56%.
Alongside these new products, the bank has increased rates on select core products, with two- and five-year fixed residential rates increasing by up to 0.25%, offset discount products starting at 5.74%, and buy-to-let rates rising by as much as 0.30%. Professional and remortgage exclusive rates have also increased by up to 0.25% and 0.20%, respectively.
At the same time, Clydesdale has reduced rates on high LTV products, cutting two- and five-year fixed rates for 90% and 95% LTV residential loans by up to 0.30%. Purchase exclusives for these LTV tiers are down by up to 0.08%, while newly qualified professionals can access similar reductions of up to 0.30%.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
