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.
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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
