Virgin Money and Clydesdale Bank have made reductions to several of their variable rates, with the changes set to take effect from tomorrow, 23rd January.
For Virgin Money customers, the Standard Variable Rate (SVR) will decrease from 8.24% to 7.74%, while the buy-to-let variable rate will reduce from 8.44% to 8.24%.
Similarly, Clydesdale Bank will implement rate reductions across multiple variable products.
The SVR will move from 8.24% to 7.74%, and the offset variable rate will drop from 8.45% to 7.74%.
The buy-to-let variable rate, along with the offset variable investment housing loan rate, will also decrease, moving from 8.74% to 8.24%.
Exisiting Virgin Money customers affected by the rate adjustments will receive notifications outlining their updated rates and monthly repayment amounts, which will take effect on 1st February.
Clydesdale Bank’s existing variable rate customers will similarly be informed of their new rates following their first payment date after January 23, 2025.
Their revised payment amounts will become effective from the subsequent month.
