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Virgin Money lifts variable rates by 75bps after BoE hike  

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The Virgin Money group has made changes to its mortgage variable revert rates, following the Bank of England base rate hike last month.

At Virgin Money, its residential standard variable rate will increase by 75 basis points to 7.24%.

Its loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will lift by 75bps to 6.99%.

The lender’s buy-to-let variable rate rises by 75bps to 7.44%.

It adds that these revised rates will take effect for new customers from 2 December and for existing customers from 1 January next year.

The group also owns Clydesdale and Yorkshire Bank, and says at these lenders its residential standard variable rate will lift by 75bps to 7.24%.

Residential offset variable rates rise by 75bps to 7.45%.

And BTL revert rates and offset variable investment housing loan rates, will lift by 75bps to 7.74%.

The group adds that these revised rates will take effect for new customers from 2 December, and for existing customers from their next payment date after 2 December.

On 3 November, the central bank increased the base rate by 75bps to 3%, the biggest since 1989 and the eighth time in a row it has lifted rates. Last year in November the base rate was 0.1%.

The hike came as the BoE bids to fight inflation, which rose to 11.1% in October, from 10.1% in the 12 months to September, according to the Office for National Statistics.

Finopulse

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Finopulse.
Publisher: Roger Baird

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