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.

The team at Virgin Money

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Important stuff just for mortgage brokers.

Please refer to our website for full details. Details correct at time of distribution.

Clydesdale Bank PLC (trading as Virgin Money). Registered in Scotland (Company No. SC001111). Registered office: 177 Bothwell Street, Glasgow G2 7ER. Financial Services Register Number 121873. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Credit facilities other than regulated mortgages and regulated credit agreements are not regulated by the Financial Conduct Authority.

VM39038v1 (valid from 20.11.2024)