The cut is in line with the Bank of England’s second reduction to the base rate.
Virgin Money UK has reduced its standard variable rate by 0.65% on all its mortgage products.
The cut is in line with the Bank of England’s second reduction to the base rate.
The decreased SVR will apply across Virgin Money UK, Clydesdale Bank and Yorkshire Bank.
According to the lender, its residential SVR will fall to 4.34%, and its loyalty rate will drop to 4.09%.
Meanwhile, both Clydesdale Bank and Yorkshire Bank’s SVRs will reduce to 4.55%.
For new customers the changes will be implemented from 2 April 2020, and for existing customers the changes will take effect from their next payment date from 2 April 2020 onwards.
Hugh Chater, director of mortgages at Virgin Money, said: “Following the additional cut in base rate announced by the Bank of England, we will now reduce our mortgage SVRs by the full combined 0.65% reduction.
“We remain committed to supporting any of our customers who are affected by COVID-19 and encourage any who are concerned to get in touch with us as early as possible so we can discuss their individual circumstances and the different ways in which we can help them.”
