Virgin Money has announced changes to its mortgage variable revert rates, following the announcement of an increase of 0.75 percentage points in base rate by the Bank of England on 3 November 2022.
Virgin Money:
- Residential Standard Variable Rate (SVR) will increase from 6.49% to 7.24%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 6.24% to 6.99%.
- Buy-to-let Variable Rate will increase from 6.69% to 7.44%.
- The revised rates will take effect for new customers from 2 December 2022 and for existing customers from 1 January 2023.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 6.49% to 7.24%.
- Residential Offset Variable Rate will increase from 6.70% to 7.45%.
- The buy-to-let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 6.99% to 7.74%.
The revised rates will take effect for new customers from 2 December 2022 and for existing customers from their next payment date after 2 December 2022.