Virgin Money confirmed changes to its variable revert mortgage rates, in response to the increase in the Bank of England base rate on 22nd June.
Virgin Money’s residential standard variable rate (SVR) will increase from 8.74% to 9.24% and its loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 8.49% to 8.99%.
Additionally, the lender’s buy-to-let variable rate will increase from 8.94% to 9.44%.
The revised rates will take effect for existing customers from the 1st of September 2023, and for new customers from the 3rd of August 2023.
Clydesdale and Yorkshire Bank will also see rate increases across their SVR products.
Both banks will see their residential SVR increase from 8.74% to 9.24%, while their residential Offset Variable Rates will increase from 8.95% to 9.45%.
In addition, their buy-to-let revert rate and their offset variable investment housing loan rate will increase from 9.24% to 9.74%.
The revised rates will take effect for existing customers from their next payment date after the 3rd of August 2023.
The majority of Virgin Money’s overall mortgage book is on a fixed rate product and will remain unaffected by these rate changes.
