Virgin Money, Clydesdale and Yorkshire Bank have made reductions to their mortgage rates following the Bank of England’s decision to decrease the base rate by 0.25% today (Thursday 1st August).
Virgin Money’s residential standard variable rate (SVR) will drop from 9.24% to 8.99%.
Customers who have held a Virgin Money mortgage on the same property for seven years or more will see the loyalty rate decrease from 8.99% to 8.74%.
The buy-to-let (BTL) variable rate will be reduced from 9.44% to 9.19%.
The revised rates will be effective for existing customers from 1st September 2024, while new customers will benefit from the changes starting 22nd August 2024.
Similarly, Clydesdale and Yorkshire Bank will lower their residential SVRs from 9.24% to 8.99%.
The residential offset variable rate will decrease from 9.45% to 9.20%.
The buy-to-let revert rate, also known as the offset variable investment housing loan rate, will drop from 9.74% to 9.49%.
For existing customers, the revised rates will apply from their next payment date after 22nd August 2024. New customers will see the changes take effect from 15th August 2024.
