Virgin Money, Clydesdale and Yorkshire Bank have all increased their standard variable rates (SVRs) in response to the Bank of England’s last interest rate hike.
Virgin is increasing its residential standard variable rate from 4.99% to 5.24%. For customers on the loyalty rate, which is for qualifying residential customers who have held a mortgage on a property for seven years or more, rates increase from 4.74% to 4.99%.
Its buy-to-let variable rate is also on the rise going up from 5.19% to 5.44%. The revised rates will take effect for new customers from 7 June 2022 and for existing customers from 1 July 2022.
For Clydesdale and Yorkshire Bank customers residential SVRs will increase from 4.99% to 5.24%. Its residential offset variable rate will increase from 5.20% to 5.45%.
The buy-to-let revert rate, offset variable investment housing loan rate, will increase from 5.60% to 5.85%.
Again the revised rates will take effect for new customers from 7 June 2022 and for existing customers from their next payment date after 7 June 2022.
These mortgage rate changes follow the increases to savings rates Virgin Money made on its linked saver accounts for the Virgin Money M Plus Account, Virgin Money Club M Account and Virgin Money M Account.
The interest rate on these linked savers increased on 1 June from 1.00% Gross/AER to 1.56% AER (1.55% Gross) on balances up to £25,000.
For balances above £25,000, the rate rose from 0.50% to 0.75% Gross/AER. Rates are variable.
The Bank of England is set to make
