Clydesdale and Yorkshire also increase variable rates
Virgin Money has announced changes to its mortgage variable revert rates as a result of last month’s 0.25% base rate increase by the Bank of England.
The lender’s residential standard variable rate (SVR) will increase from 9.24% to 9.49%, while its loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will rise from 8.99% to 9.24%. Buy-to-let variable rate will also increase from 9.44% to 9.69%.
The revised rates will take effect from today immediately for new customers, and from October 1 for existing customers.
Virgin Money said the vast majority of its overall mortgage book was on a fixed rate product, and so was unaffected by the latest rate changes. Including base rate tracker products, almost 95% of the lender’s mortgage book will not be impacted by the changes in mortgage variable revert rates.
Meanwhile, Clydesdale Bank’s and Yorkshire Bank’s residential SVR will also be raised from 9.24% to 9.49%, while its esidential offset variable rate will be increased from 9.45% to 9.70%. The buy-to-let revert rate and offset variable investment housing loan rate, will go up from 9.74% to 9.99%.
These revised rates from Clydesdale and Yorkshire will take effect immediately for new customers, and from the next payment date after today for existing customers.
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