Mortgage News
Virgin Money, Clydesdale and Yorkshire Bank up variable rates
Virgin Money, Clydesdale and Yorkshire Bank have increased their variable revert rates for its residential and buy-to-let (BTL) ranges following the Bank of England’s decision to increase the base rate to 0.75 per cent earlier this month.
On the Virgin Money said the residential standard variable rate (SVR) will go up from 4.74 per cent to 4.99 per cent, whilst its BTL variable rate has increased from 4.94 per cent to 5.19 per cent.
The lender’s loyalty rate, for eligible residential customers who have held a mortgage on a property for seven years or more, has also risen from 4.49 per cent to 4.74 per cent.
The new rates will come into effect for new customers from 5 April and existing customers from 1 May.
Clydesdale and Yorkshire Bank’s residential SVR has increased from 4.74 per cent to 4.99 per cent, whilst its residential offset variable rate has risen from 4.95 per cent to 5.2 per cent.
The bank’s BTL revert rate, offset variable investment housing loan rate has gone from 5.35 per cent to 5.6 per cent.
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The updated rates will come into force for new customers from 1 April and for existing customers from their next payment date after 1 April.