In response to the Monetary Policy Committee’s decision today to raise the Bank of England Base Rate to 4.25%, Virgin Money has announced an increase in its tracker mortgage rates.
The updated tracker rates will be available from 24th March 2023, with the tracker differential remaining unchanged.
For customers currently in the application pipeline, the process will be as follows:
- Pre-Offer (including applications received today): Customers’ applications will proceed as usual, and Virgin Money will issue an offer reflecting the new Bank of England Base Rate.
- Post-Offer (pre-completion) including offers issued today: Virgin Money will notify customers about the updated Bank of England Base Rate and explain how it affects their monthly payments.
- Completed up to and including today: These applicants will be treated as existing customers, with adjustments to their monthly payments detailed below.
Existing customers with mortgage rates directly linked to the Bank of England Base Rate will be contacted by Virgin Money to inform them of changes to their monthly payments.
As per their mortgage terms and conditions, these adjustments will take effect from 1st May 2023.
