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 4 August 2022.
Virgin Money
- Residential Standard Variable Rate (SVR) will increase from 5.49% to 5.99%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 5.24% to 5.74%.
- Buy to Let Variable Rate will increase from 5.69% to 6.19%.
- The revised rates will take effect for new customers from 6 September 2022 and for existing customers from 1 October 2022.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 5.49% to 5.99%.
- Residential Offset Variable Rate will increase from 5.70% to 6.20%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.10% to 6.60%.
- The revised rates will take effect for new customers from 6 September 2022 and for existing customers from their next payment date after 6 September 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. The interest rate on its popular linked saver accounts for the Virgin Money M Plus Account, Virgin Money Club M Account and Virgin Money M Account increased on 27 July from 1.56% AER (1.55% Gross) to 1.71% AER (1.70% Gross) variable on balances up to £25,000. For balances over £25,000 the rate increased to 1.00% AER/Gross. Virgin Money also increased the rate on its Easy Access Cash ISA Exclusive to 1.75% Tax-free/AER on 25 August.