Virgin Money has announced changes to its mortgage variable revert rates, following the announcement of an increase of 0.75% in base rate by the Bank of England on 3 November 2022.
- Residential Standard Variable Rate (SVR) will increase from 6.49% to 7.24%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 6.24% to 6.99%.
- Buy to Let Variable Rate will increase from 6.69% to 7.44%.
- The revised rates will take effect for new customers from 2 December 2022 and for existing customers from 1 January 2023.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 6.49% to 7.24%.
- Residential Offset Variable Rate will increase from 6.70% to 7.45%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.99% to 7.74%.
- The revised rates will take effect for new customers from 2 December 2022 and for existing customers from their next payment date after 2 December 2022.
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 4 November, the rate on Virgin Money’s Easy Access Cash ISA Exclusive was increased to a market-leading 3.00% tax-free/AER variable. This followed increases in the interest rates on linked saver accounts for the M Plus, Club M and M accounts on 3 October to 2.02% AER (2.00% Gross) variable on balances up to £25,000. For balances over £25,000 the rate increased to 1.51% AER (1.50% Gross). These rate increases were applicable to both new and existing customers.