Virgin Money Update

Following the decision by the Monetary Policy Committee to increase the Bank of England Base Rate to 0.25%, we’re increasing our tracker mortgage rates.

Our updated tracker rates will be available from 17 December 2021 and reflect the change to the Bank of England Base Rate. Our tracker differential will stay the same.

What about customers already in the pipeline

Pre-Offer, 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.

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.

Completed up to and including today
These applicants will be treated as existing customers – take a look at the paragraph below for what that means.

What happens with existing customers

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 February 2022, as per their mortgage terms and conditions.

You can find our current rates in our Mortgage Update. If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Regional Service Team.