Virgin Money updates Standard Variable Rate following base rate increase

Following the announcement of an increase of 0.15% in base rate by the Bank of England on 16 December 2021, Virgin Money has announced the following changes to its mortgage variable revert rates:

Virgin Money

• Residential Standard Variable Rate (SVR) will increase by 0.15% to 4.49%.
• Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase by 0.15% to 4.24%.
• Buy to Let Variable Rate will increase by 0.15% to 4.69%.
• New rates will take effect for new customers from 6 January 2022 and for existing customers from 1 February 2022.

Clydesdale and Yorkshire Bank

1. Residential SVR will reduce by 0.06% to 4.49%, to align the rate with the Virgin Money SVR.
2. Residential Offset Variable Rate will increase by 0.15% to 4.70%.
3. The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase by 0.15% to 5.10%.
4. The new rate will take effect for new customers from 13 January 2022 and for existing customers from their next payment date after 13 January 2022.

5. All mortgage and savings tracker product rates will increase in line with individual product terms to reflect the Bank of England rate change.