The lenders said the decision followed the Bank of England’s decision earlier this month to increase the base rate to three per cent.
For Virgin Money, its SVR is 7.24 per cent and its buy-to-let variable rate is 7.44 per cent.
The lender’s loyalty rate, which is for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase to 6.99 per cent.
It said that customers impacted will be contacted to know their rate and monthly repayments will change on 1 January.
Clydesdale Bank
For Clydesdale Bank, the SVR also stands at 7.24 per cent, and its offset variable rate is 7.45 per cent while its offset variable investment housing loan rate is 7.74 per cent.
The lender said that all new revert-to-rates are live from today and customers impacted would be contacted.
Clydesdale Bank also confirmed that it would be cutting rates for its new customer and product transfer deals from today.
On the new customer side, this includes fixed rates between 75 and 90 per cent loan to value (LTV), which have been reduced by up to 0.28 per cent and now start from 4.89 per cent.
Buy-to-let five-year fixed rates deals between 60 and 75 per cent LTV have been cut by around 0.05 per cent and begin from 5.34 per cent.
Professional and newly qualified professional fixed rates have decreased by up to 0.13 per cent and are priced from 5.35 per cent.
The lender’s exclusive large loan products between £1m and £2m at 75 per cent LTV have gone down by 0.1 per cent and start from 5.12 per cent.
Fixed rate products between 65 and 85 per cent LTV for loans over £1m have gone down by 0.23 per cent and begin from 5.23 per cent.
On the product transfer side, the lender has reduced fixed rates between 65 and 95 per cent LTV with £499 fee by up to 0.23 per cent, with prices now starting at 4.88 per cent.
Fixed rate fee-saver products between 65 and 95 per cent LTV have gone down by up to 0.28 per cent and are priced from 4.99 per cent.
The changes to buy-to-let, professional and newly qualified professional, exclusive large loan and large loan deals also apply to the product transfer range
