Virgin Money has announced changes to its mortgage variable revert rates, following the announcement of an increase of 0.75% in base rate by the Bank of England on 3 November 2022.
Virgin’s residential standard variable rate (SVR) will increase from 6.49% to 7.24%, and its buy-to-let variable rate will increase from 6.69% to 7.44%.
Additionally, loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 6.24% to 6.99%.
The revised rates will take effect for new customers from the 2nd of December 2022 and for existing customers from the 1st of January 2023.
Clydesdale and Yorkshire Bank will also be affected by these rate changes, as their residential SVR will increase from 6.49% to 7.24%.
Furthermore, the residential offset variable rate will increase from 6.70% to 7.45%.
The buy-to-let revert rate, offset variable investment housing loan rate, will both increase from 6.99% to 7.74%.
These revised rates will take effect for new customers from the 2nd of December 2022 and for existing customers from their next payment date after the 2nd of December 2022.
These mortgage rate changes follow the increases Virgin Money has made to a number of its savings rates for both new and existing customers.
On the 4th of November, the rate on Virgin Money’s Easy Access Cash ISA Exclusive was increased to a market-leading 3.00% tax-free/AER variable.
This followed increases in the interest rates on linked saver accounts for the M Plus, Club M and M accounts on 3 October to 2.02% AER (2.00% Gross) variable on balances up to £25,000.
For balances over £25,000 the rate increased to 1.51% AER (1.50% Gross). These rate increases were applicable to both new and existing customers.
