Virgin Money and Clydesdale Bank have introduced reductions in their variable mortgage rates following a pricing review.
Effective from today (Thursday 11th July), Virgin Money lowered its standard variable rate (SVR) from 9.49% to 9.24% and its buy-to-let (BTL) variable rate from 9.69% to 9.44%.
Similarly, Clydesdale Bank has reduced its SVR from 9.49% to 9.24%, its offset variable rate from 9.70% to 9.45%, and its BTL variable rate, offset variable investment housing loan rate from 9.99% to 9.74%.
For applications at the application or offer stage, Clydesdale Bank’s variable rate discounted offset products will see a reduction in interest rates from 11th July, aligning with the updated variable rate.
All new revert-to-rates will be effective from this date, and customers will be notified of their new rate and monthly payment upon loan completion.
Fixed or tracker rate product applications remain unaffected by these changes.
Existing Virgin Money customers will be informed of their new rate and monthly repayment, which will take effect on 1st August 2024.
Clydesdale Bank customers will be notified when their new rate becomes effective following their next payment date after 11th July 2024, with the new payment becoming effective from the subsequent month.
