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 reducing selected fixed rates
We wanted to let you know that we’re making the following rate reductions on Thursday 8 May.
Purchase
- 80% LTV Exclusive 2 & 5 year fixed rates will be reduced by up to 0.06%, starting from 4.19%.
- 95% LTV 2 Year Fixed Rate fee-saver will be reduced by 0.15%, to 5.09%.
- 95% LTV 5 Year Fixed Rate fee-saver will be reduced by 0.09%, to 4.94%.
- Shared Ownership fixed rates will be reduced by up to 0.20%, starting from 4.24%.
BTL
- Selected 2 & 5 year fixed rates with 3% fee will be reduced by up to 0.32%, starting from 3.09%.
- Selected 2 & 5 year fixed rates with 1% fee will be reduced by up to 0.07%, starting from 4.05%.
- 2 & 5 year fixed rates with £2,195 fee will be reduced by up to 0.19%, starting from 4.02%.
- 2 year fixed rates with £995 fee will be reduced by 0.05%, starting from 4.39%.
- 75% LTV 2 Year Fixed Rate fee-saver will be reduced by 0.05%, to starting from 4.78%.
Product Transfer
- Selected 65% & 75% LTV 2, 3 & 5 year fixed rates will be reduced by up to 0.15%.
- Selected 2 & 3 year BTL rates will be reduced by 0.05%.
On Wednesday 7th April our additional borrowing pricing for existing customers was increased to a variable rate of 5.74% for residential and 6.24% for BTL.
Our additional borrowing proposition provides flexibility, with no ERC and no product fee; enabling us to continue to support our customer’s evolving needs.
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
Product Switching pre-completion for new and existing customers
Switching Virgin Money and Clydesdale Bank products pre-completion
We love to help people get moving, which is why we offer unlimited product switching.
Product switching is available for both new and existing customers on cases that are at pre-offer or post-offer stage.
For new lending applications, customers are able to product switch up until we have received the Certificate of Title from the solicitor.
When you’re ready, follow these simple steps:
New Business – Virgin Money switching | New Business – Clydesdale Bank switching |
Complete our New Business Product Switch Form and email it to [email protected] | Complete our Change of Application Form and upload it on the application portal |
Existing Customers – Virgin Money switching | Existing Customers – Clydesdale Bank switching |
Complete our Existing Customer Product Switch Form and email it to [email protected] | Complete our Existing Customer Product Switch Form and email it to [email protected] |
We will review your request within 5 working days. If the case is not yet at offer stage, we will update the product. If an offer has already been issued, we will send a new offer to the custome
Changes to Virgin Money and Clydesdale Bank Mortgage Rates
Following the decision on 8 May 2025 by the Monetary Policy Committee to reduce the Bank of England Base Rate from 4.50%, to 4.25%, we’re making some changes.
Virgin Money and Clydesdale Bank Variable Rates
On 29 May 2025, we’ll reduce the following Virgin Money variable rates:
- Our Standard Variable Rate will move from 7.49% to 7.24%.
- Our Buy To Let Variable Rate will move from 7.99% to 7.74%
On 29 May 2025, we’ll reduce the following Clydesdale Bank variable rates:
- Our Standard Variable Rate will move from 7.49% to 7.24%.
- Our Offset Variable Rate will move from 7.49% to 7.24%.
- Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate will move from 7.99% to 7.74%
Virgin Money Tracker Rates
Our updated tracker rates will be available from 9 May 2025 and reflect the change to the Bank of England Base Rate. Our tracker differential won’t change.
What about customers already in the pipeline
Virgin Money Tracker cases at application or offer stage, including applications received today
Your customer’s application will go through as normal and we’ll make an Offer that reflects the new Bank of England Base Rate.
Virgin Money Tracker cases at Post-Offer (pre-completion) including Offers issued today
We’ll write to your customer to let them know about the updated Bank of England Base Rate and how it affects their monthly payment.
Virgin Money Tracker cases completed up to and including today
These applicants will be treated as existing customers – take a look at the ‘existing customers’ paragraph below for what that means.
Clydesdale Bank Variable Rate Discounted Offset product cases at application or offer stage
Customers will see a reduction to the interest rates from 29 May 2025 in line with the updated Variable Rate. Customers will be contacted to let them know their new rate and monthly payment on completion of the loan.
Applications for fixed rate products are not affected by this change.
What happens with existing customers
Virgin Money customers affected by the changes to our Standard Variable Rate or Buy To Let Variable Rate will be contacted to let them know their rate and monthly repayment will change on 1 June 2025.
Virgin Money Customers whose mortgage rates are directly linked to the Bank of England Base Rate will be contacted to let them know their monthly payment will change on 1 July 2025 as per their mortgage terms and conditions.
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 29 May 2025. Their new payment will become effective from the month after that.