Virgin Money has announced an important product update for advisers. Virgin Money products and support with the lender, including same day payment on completion, is all available accessible through our direct to lender mortgage club. Contact us for more information.
ANNOUNCEMENTS
WE’RE MAKING CHANGES TO OUR RATES
Following the decision by the Monetary Policy Committee on 7 November 2024 to reduce the Bank of England Base Rate to 4.75%, we’re making some changes.
On 28 November 2024, we’ll reduce the following Virgin Money variable rates:
- Our Standard Variable Rate will move from 8.99% to 8.24%.
- Our Buy To Let Variable Rate will move from 9.19% to 8.44%.
On 21 November 2024, we’ll reduce the following Clydesdale Bank variable rates:
- Our Standard Variable Rate will move from 8.99% to 8.24%.
- Our Offset Variable Rate will move from 9.20% to 8.45%.
- Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate will move from 9.49% to 8.74%.
What happens with cases at application or offer stage
Applications for Clydesdale Bank Variable Rate Discounted Offset products will see a reduction to the interest rates from 21 November 2024 in line with the updated Variable Rate. All new revert-to-rates will be live from 21 November 2024 and customers will be contacted to let them know their new rate and monthly payment on completion of the loan.
Applications for fixed or tracker rate products are not affected by this change.
What happens with existing customers
Virgin Money customers affected by these changes will be contacted to let them know their rate and monthly repayment will change on 1 December 2024.
Clydesdale Bank customers affected by these changes will be contacted to let them know when their new rate will become effective, following their next payment date after 21 November 2024. Their new payment will become effective from the month after that.
If you’ve got any questions, you can get in touch with your Business Development Manager.
New 80% LTV Exclusives and selected fixed rate increases
We wanted to let you know that we’re launching the following products on Friday 22 November.
Purchase Exclusives with free valuation
- NEW 80% LTV 2 Year Fixed Rate with £895 fee will be launched at 4.59%.
- NEW 80% LTV 2 Year Fixed Rate fee-saver will be launched at 4.85%.
- NEW 80% LTV 5 Year Fixed Rate with £895 fee will be launched at 4.34%.
- NEW 80% LTV 5 Year Fixed Rate fee-saver will be launched at 4.51%.
The end dates will move to 1 February of the relevant year.
We’ll also be making these changes at 8pm today:
- Selected 85% and 90% LTV 2 and 5 year fixed rates will be increased by up to 0.15%.
- Own New 85% and 90% LTV 2 and 5 year fixed rates will be increased by up to 0.10%.
- Retrofit Boost 85% LTV 5 year fixed rates will be increased by 0.05%.
- Selected Shared Ownership 2 and 5 year fixed rates will be reduced by up 0.13%
If you’re applying for one of these products on behalf of your customer, please send us the application by 8pm today.
You can find our current rates in our Product Guide. If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Mortgage Service Team.