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 17 March 2022.
- Residential Standard Variable Rate (SVR) will increase from 4.74% to 4.99%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 4.49% to 4.74%.
- Buy to Let Variable Rate will increase from 4.94% to 5.19%.
- The revised rates will take effect for new customers from 5 April 2022 and for existing customers from 1 May 2022.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 4.74% to 4.99%.
- Residential Offset Variable Rate will increase from 4.95% to 5.20%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 5.35% to 5.60%.
- The revised rates will take effect for new customers from 1 April 2022 and for existing customers from their next payment date after 1 April 2022.
These mortgage rate changes follow the increases to savings rates Virgin Money made on its popular 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 from 0.35% AER to a market-leading 1.00% AER (variable) for all new and existing customers on balances up to £25,000 in March. For balances above £25,000, the rate rose to 0.50% (variable).