Rate changes take into account November's BoE base rate increase
Virgin Money has announced changes to its mortgage variable revert rates following last month’s 0.75% increase in the Bank of England base rate.
The lender’s residential standard variable rate will increase from 6.49% to 7.24%, while the loyalty rate for qualifying residential customers who have held a mortgage on a property for seven years or more will rise from 6.24% to 6.99%. The buy-to-let variable rate will also increase from 6.69% to 7.44%.
Virgin Money’s revised rates will take effect starting December 2 for new customers, and from January 1, 2023, for existing customers.
Clydesdale and Yorkshire Bank, both part of Virgin Money UK plc, have also raised their rates on certain products.
Their residential standard variable rate will increase from 6.49% to 7.24%, while the residential offset variable rate will go up from 6.70% to 7.45%. The buy-to-let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.99% to 7.74%.
These revised rates from Clydesdale and Yorkshire Bank will take effect from December 2 for new customers, and from the next payment date after December 2 for existing customers.
