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 5 May 2022.
- Residential Standard Variable Rate (SVR) will increase from 4.99% to 5.24%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 4.74% to 4.99%.
- Buy to Let Variable Rate will increase 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.
Clydesdales and Yorkshire Bank
- Residential SVR will increase from 4.99% to 5.24%.
- 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%.
- 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 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 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.