Virgin Money has announced changes to its mortgage variable revert rates, following the announcement of an increase of 0.50% in base rate by the Bank of England on 15 December 2022.
- Residential Standard Variable Rate (SVR) will increase from 7.24% to 7.74%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 6.99% to 7.49%.
- Buy to Let Variable Rate will increase from 7.44% to 7.94%.
- The revised rates will take effect for new customers from 2 February 2023 and for existing customers from 1 March 2023.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 7.24% to 7.74%.
- Residential Offset Variable Rate will increase from 7.45% to 7.95%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 7.74% to 8.24%.
- The revised rates will take effect for new customers from 2 February 2023 and for existing customers from their next payment date after 2 February 2023.
These mortgage rate changes follow the increases Virgin Money has made to a number of its savings rates for both new and existing customers. On Thursday 22 December we increased the interest rate on our popular linked saver accounts for the M Plus Account, Club M Account and M Saver Account from 2.02% AER (2.00% Gross) to 2.52% AER (2.50% Gross) variable on balances up to £25,000. For balances over £25,000 the rate increased to 2.02% AER (2.00% Gross) variable. These rate increases were applicable to both new and existing customers.