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 22 September 2022.
Virgin Money
- Residential Standard Variable Rate (SVR) will increase from 5.99% to 6.49%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 5.74% to 6.24%.
- Buy to Let Variable Rate will increase from 6.19% to 6.69%.
- The revised rates will take effect for new customers from 4 November 2022 and for existing customers from 1 December 2022.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 5.99% to 6.49%.
- Residential Offset Variable Rate will increase from 6.20% to 6.70%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.60% to 6.99%.
- The revised rates will take effect for new customers from 4 November 2022 and for existing customers from their next payment date after 4 November 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 3 October from 1.71% AER (1.70% Gross) 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). Virgin Money also increased the rate on its Easy Access Cash ISA Exclusive to 2.25% Tax-free/AER on 3 October.
As a result of the change to base rate announced by the Bank of England on 3 November, all mortgage variable revert rates will be kept under review.
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