Retail banking

Virgin Money UK Cuts Mortgage SVR

  • Virgin Money UK will cut all mortgage standard variable rates by 0.50% - passing the benefit of the Bank of England base rate reduction onto customers in full.
  • Reduction of 0.50% 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 has reduced base rate by 0.50%, Virgin Money UK is passing on the full rate reduction to its mortgage customers by cutting standard variable rates.

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 4.49%. Virgin Money’s Loyalty Rate will reduce to 4.24%.

The Yorkshire and Clydesdale Bank Residential Standard Variable Rate will reduce to 4.70%.

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: “Virgin Money will be passing on the full 0.50% cut in Bank Rate to our mortgage standard variable rates.

“In the current environment, we understand our customers may be worried about the impact Coronavirus could have on their finances and we are committed to supporting any who are affected as much as possible. We would encourage any of our customers 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.”