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.
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.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
