Virgin Money lifts resi and BTL SVRs by up to 50bps across group   

Virgin Money raised its mortgage variable revert rates across its brands.

At Virgin Money, the business says its residential standard variable rate increases to 6.49% from 5.99%.

The loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, rises to 6.24% from 5.74%.

Its buy-to-let variable rate lifts to 6.69% from 6.19%.

The revised rates take effect for new customers from 4 November and for existing customers from 1 December.

At its Clydesdale and Yorkshire Bank brands, residential standard variable rates increase to 6.49% from 5.99%.

Residential offset variable rates rise to 6.70% from 6.20%.

BTL revert rates and offset variable investment housing loan rates, lift to 6.99% from 6.60%.

The revised rates at these lenders take effect for new customers from 4 November and for existing customers from their next payment date after 4 November.

The group says the move follows the decision by the Bank of England to hike the base rate by 50 basis points on 22 September to 2.25%.

But the move by the business also comes on the day (3 November) that the BoE again lifted the base rate by 75 basis points to 3%, the biggest rise since 1989 and the eighth time the bank has hiked rates since December. In November, the base rate was just 0.1%.

Original Article