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 2 February 2023.
Virgin Money
- Residential Standard Variable Rate (SVR) will increase from 7.74% to 8.24%.
- Loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 7.49% to 7.99%.
- Buy to Let Variable Rate will increase from 7.94% to 8.44%.
- The revised rates will take effect for new customers from 2 March 2023 and for existing customers from 1 April 2023.
Clydesdale and Yorkshire Bank
- Residential SVR will increase from 7.74% to 8.24%.
- Residential Offset Variable Rate will increase from 7.95% to 8.45%.
- The buy to let revert rate, Offset Variable Investment Housing Loan Rate, will increase from 8.24% to 8.74%.
- The revised rates will take effect for new customers from 2 March 2023 and for existing customers from their next payment date after 2 March 2023.
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