Changes to Virgin Money and Clydesdale Bank Mortgage Rates
06 February 2025
Following today's decision by the Monetary Policy Committee to reduce the Bank of England Base Rate from 4.75%, to 4.50%, we’re making some changes.
Virgin Money and Clydesdale Bank Variable Rates
On 20 February 2025, we’ll reduce the following Virgin Money variable rates:
- Our Standard Variable Rate will move from 7.74% to 7.49%.
- Our Buy To Let Variable Rate will move from 8.24% to 7.99%.
On 20 February 2025, we’ll reduce the following Clydesdale Bank variable rates:
- Our Standard Variable Rate will move from 7.74% to 7.49%.
- Our Offset Variable Rate will move from 7.74% to 7.49%.
- Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate will move from 8.24% to 7.99%.
Virgin Money Tracker Rates
Our updated tracker rates will be available from 7 February 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 20 February 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 March 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 April 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 20 February 2025. 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
