Virgin Money has announced changes to its mortgage variable revert rates, following the announcement of an increase of 0.25% in base rate by the Bank of England on 3 February 2022.
These rate changes follow the announcement on 18 February that Virgin Money has increased rates on its popular linked saver accounts on the Virgin Money M Plus Account, Virgin Money Club M Account and Virgin Money M Account. The rate rises from 0.35% AER to a market-leading 1.00% AER (variable) for all new and existing customers on balances up to £25,000 from today. For balances above £25,000, the rate will rise to 0.50% (variable).
- Residential Standard Variable Rate (SVR) will increase from 4.49% to 4.74%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 4.24% to 4.49%.
- Buy to Let Variable Rate will increase from 4.69% to 4.94%.
- The new rates will take effect for new customers from 2 March 2022 and for existing customers from 1 April 2022.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 4.49% to 4.74%.
- Residential Offset Variable Rate will increase from 4.70% to 4.95%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 5.10% to 5.35%.
- The new rates will take effect for new customers from 4 March 2022 and for existing customers from their next payment date after 4 March 2022.