Virgin Money has made changes to its mortgage variable revert rates, following February’s increase in the base rate by the Bank of England.
The base rate was increased by 0.50% on 2nd February 2023. The changes will take effect for new customers from 2 March 2023 and for existing customers from 1st April 2023.
Virgin Money’s Residential Standard Variable Rate (SVR) will increase from 7.74% to 8.24%, while its Loyalty rate, which is for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 7.49% to 7.99%. The buy-to-let Variable Rate will increase from 7.94% to 8.44%.
Clydesdale and Yorkshire Bank have also announced changes to their mortgage rates. Their Residential SVR will increase from 7.74% to 8.24%, while their Residential Offset Variable Rate will increase from 7.95% to 8.45%.
The buy-to-let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 8.24% to 8.74%.
The revised rates will take effect for new customers from 2nd March 2023 and for existing customers from their next payment date after 2nd March 2023.
The increase in the base rate by the Bank of England has led to a number of mortgage providers adjusting their rates.
Virgin Money and Clydesdale and Yorkshire Bank have followed suit, increasing their rates for both new and existing customers.
Homeowners and investors with mortgages should review their agreements and assess the impact of the rate changes on their monthly payments.
