Retail banking

Virgin Money UK Cuts Mortgage SVR Following Additional Base Rate Reduction

  • Virgin Money UK will cut all mortgage standard variable rates by 0.65% - passing the full benefit of the two Bank of England base rate reductions onto customers
  • Reduction of 0.65% will apply across Virgin Money, Clydesdale Bank and Yorkshire Bank standard variable rates and rates linked to standard variable rate

Following the announcement from the Bank of England that it reduced base rate by a further 0.15% on 19 March after the 0.50% reduction on 11 March, Virgin Money UK is passing on the full combined rate reduction to its mortgage customers by cutting standard variable rates by 0.65%.

The changes apply to all Virgin Money, Clydesdale Bank and Yorkshire Bank customers whose mortgage rate is linked to standard variable rate.

Virgin Money’s residential Standard Variable Rate will reduce to 4.34%. Virgin Money’s Loyalty Rate will reduce to 4.09%.

The Yorkshire and Clydesdale Bank Residential Standard Variable Rate will reduce to 4.55%.

Changes will take effect from 2 April 2020 for new customers and, for existing customers, their next payment date from 2 April 2020 onwards.

Hugh Chater, Director of Mortgages at Virgin Money said: “Following the additional cut in base rate announced by the Bank of England, we will now reduce our mortgage standard variable rates by the full combined 0.65% reduction.

“We remain committed to supporting any of our customers who are affected by Covid-19 and encourage any who are concerned to get in touch with us as early as possible so we can discuss their individual circumstances and the different ways in which we can help them.”