Virgin Money pushes its standard variable rate up to 8.74%
Virgin Money has announced it has increased its standard variable rate to 8.74% for its residential customers and 8.94% for its buy-to-let customers.
While many banks and building societies have high revert-to or standard variable rates, Virgin Money's is one of the highest.
Earlier today, the bank announced, "Following the decision by the Monetary Policy Committee to increase the Bank of England Base Rate on 23 March 2023 and 11 May 2023, we've made some changes. On 6 June 2023, we increased our Standard Variable Rate to 8.74% and our Buy to Let Variable Rate to 8.94%."
Most lenders have been pushing up their standard variable rates every time the Bank of England base rate increases. They will also keep putting them up in line with future base rate rises.
Aaron Strutt, product director at Trinity Financial, says: "There is a wide range of people stuck on these super-high standard variable rates, including older borrowers unable to refinance and homeowners who do not qualify for rate switches when their fixed deals end.
"Many people do not know their lender will offer them a new mortgage product, so they do not have to pay 7% or 8% reversion rates.
We tell our clients how important it is to choose a lender that treats its customers fairly when their rates end.
Clydesdale Bank also raises its standard variable rate
Clydesdale Bank, which is part of Virgin Money, has also raised its standard variable rate following the decision by the Monetary Policy Committee to increase the base rate.
In a note to brokers, it said: "On 6 June 2023, we increased our Standard Variable Rate to 8.74%, our Offset Variable Rate to 8.95% and our Offset Variable Investment Housing Loan Rate to 9.24%."
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The information contained within was correct at the time of publication but is subject to change
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