Both lenders said the variable rate changes will come into force from 29 May and Virgin Money’s updated tracker rates will be reduced from 9 May.
Virgin Money and Clydesdale Bank’s standard variable rate (SVR) will decrease from 7.49% to 7.24%.
Virgin Money’s buy-to-let (BTL) variable rate will move from 7.99% to 7.74%.
Clydesdale Bank’s offset variable rate will reduce from 7.49% to 7.24%, while its BTL variable rate offset variable investment housing loan rate will decrease from 7.99% to 7.74%.
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HSBC tweaks tracker rates
HSBC said that from 9 May, all tracker rates will include the reduced Bank of England base rate.
The lender said there would be no changes to its residential SVR or its BTL SVR.
Suffolk BS changes SVR
Suffolk Building Society will lower its SVR to 7.89%, and customers on base rate discount rates and those paying SVR will see their monthly payments fall from 1 June.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We’re pleased to be able to reduce our SVR by the full amount, as we know that borrowers have been under increasing affordability pressures. We’re communicating this to our broker community today so they can act quickly to help their customers.”
