Following the Monetary Policy Committee’s (MPC’s) decision to reduce the Bank of England Base Rate to 4.75%, Virgin Money and Clydesdale Bank have adjusted their variable interest rates.
The changes are set to take effect later this month and into December, offering affected customers reduced rates on various mortgage and loan products.
On 28th November, Virgin Money will lower its standard variable rate (SVR) from 8.99% to 8.24%.
Additionally, its buy-to-let variable rate will decrease from 9.19% to 8.44%.
Clydesdale Bank will implement its reductions earlier, on 21st November.
The SVR will drop from 8.99% to 8.24%, and the offset variable rate will reduce from 9.20% to 8.45%.
Meanwhile, the buy-to-let variable rate and the offset variable investment housing loan rate will decrease from 9.49% to 8.74%.
Customers applying for Clydesdale Bank variable rate discounted offset products will see the updated interest rates reflected starting 21st November.
These new rates will be applied to loans at both the application and offer stages, with updated revert-to-rates also effective from that date.
Customers will be contacted directly to confirm their new interest rate and monthly payment upon the loan’s completion.
Importantly, these changes will not affect applications for fixed-rate or tracker products.
For existing customers, Virgin Money will apply the revised rates starting 1st December.
Affected customers will receive communication detailing their updated rates and monthly repayment amounts.
Clydesdale Bank customers, on the other hand, will see the changes take effect after their next payment date following 21st November.
Their revised monthly payment will come into effect from the following month.
The bank will also notify customers individually about the specifics of their rate changes and payment updates.
