Virgin Money has confirmed changes to its mortgage variable revert rates, following the announcement of an increase in the Bank of England base rate of 0.25% on the 3rd of August.
These mortgage rate changes follow the increases Virgin Money has made to a number of its savings rates for both new and existing customers.
Virgin Money’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 increase from 8.99% to 9.24%.
In addition, the lender’s buy-to-let variable rate will increase from 9.44% to 9.69%.
These revised rates will take effect for existing customers from the 1st of October 2023, and for new customers from the 6th of September 2023.
As for Clydesdale and Yorkshire Bank, both bank’s residential SVR will increase from 9.24% to 9.49%.
In addition, their residential offset variable rate will climb from 9.45% to 9.70%. whilst their buy-to-let revert rate will increase from 9.74% to 9.99%.
