Virgin Money has increased its Residential Standard Variable Rate (SVR) from 5.99% to 6.49% following the Bank of England’s base rate increase.
The loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 5.74% to 6.24%. Buy-to-let Variable Rates will increase from 6.19% to 6.69%.
Clydesdale and Yorkshire Bank will also be increasing their residential SVR’s to the same level.
The pair will increase their residential Offset Variable Rate will increase from 6.20% to 6.70%.
Their buy-to-let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.60% to 6.99%.
The revised rates will take effect for new customers from 4th November 2022 and for existing customers from their next payment date after 4th November 2022.
