The changes apply to all Virgin Money, Clydesdale Bank and Yorkshire Bank customers whose mortgage rate is linked to the SVR.
Virgin Money’s residential SVR will reduce to 4.49 per cent. Virgin Money’s Loyalty Rate will reduce to 4.24 per cent.
The Yorkshire and Clydesdale Bank Residential SVR will reduce to 4.70 per cent.
Changes will take effect from 2 April 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: “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.”