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Virgin Money ups variable rates
Virgin Money has made changes to its variable revert rates following the increase to the base rate to one per cent last month.
This was a rise of 0.25 per cent compared to the previous base rate and the lender has made adjustments accordingly.
Its residential standard variable rate (SVR) will rise from 4.99 per cent to 5.24 per cent. The loyalty rate, which is given to qualifying residential borrowers who have held a mortgage for seven years or more, will go up from 4.74 per cent to 4.99 per cent.
The buy-to-let variable rate will rise from 5.19 per cent to 5.44 per cent.
These changes will take effect for new borrowers from 7 June and existing borrowers from 1 July.
Across the Clydesdale and Yorkshire Bank brand, the residential SVR has also gone up to 5.24 per cent.
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The residential offset variable rate will go up to 5.45 per cent, while buy-to-let revert rate, also known as the offset variable investment housing loan rate, will increase from 5.60 per cent to 5.85 per cent.
These changes will apply to new borrowers from 7 June and to existing borrowers from their next payment date after the same date.