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
Changes to our Standard and BTL Variable Rates
Following the decision by the Monetary Policy Committee on 4 August 2022 to increase the Bank of England Base Rate to 1.75%, we’re making some changes. On 6 September 2022, we will increase our Standard Variable Rate to 5.99% and our Buy to Let Variable Rate to 6.19%.
What happens with existing customers
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 October 2022.
Changes to Clydesdale Bank products
We’ll be increasing the following rates at 8pm today:
- Core 75%, 85% and 90% LTV Full C&I 5 Year fixed rates with a £999 fee will be increased by up to 0.22%, available to new and existing customers.
- Core 65% – 95% LTV 2 and 5 year fixed rates will be increased by up to 0.33%.
- £1m+ 65% – 85% LTV 2 and 5 year fixed rates will be increased by up to 0.25%.
- Core BTL 60% – 80% LTV 2 and 5 year fixed rates will be increased by up to 0.15%.
- £1m+ BTL 60% – 75% LTV 2 and 5 year fixed rates will be increased by up to 0.25%.
Just so you know – our new rates will show on all sourcing systems and our online application system from 6 September 2022. Our mortgage illustrator will be updated on the afternoon of 6 September 2022.
If you’re applying for one of these products on behalf of your customer, please send us the application as soon as possible.
Changes to Clydesdale Bank variable rates
Following the decision by the Monetary Policy Committee on 4 August 2022 to increase the Bank of England Base Rate to 1.75%, we’re making some changes. On 6 September 2022, we will increase our Standard Variable Rate to 5.99%, our Offset Variable Rate to 6.20% and our Offset Variable Investment Housing Loan Rate to 6.60%.
What happens with cases at application or offer stage
All Variable Rate Discounted Offset products will see an increase to the interest rates from 6 September 2022 in line with the updated variable rate. All new revert-to-rates will be live from 6 September 2022.
What happens with existing customers
Customers who are impacted by this rate change will be contacted to let them know of any changes to their mortgage.