Virgin Money has lifted its mortgage variable revert rates, following last month’s Bank of England base rate rise of 50 basis points. 

The lender, which also owns Clydesdale and Yorkshire Bank, says at Virgin Money the residential standard variable rate rises to 7.74% from 7.24%. 

The loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, lifts to 7.49% from 6.99%.  

And the buy-to-let variable rate increase to 7.94% from 7.44%.  

The new rates take effect for new customers from 2 February and for existing customers from 1 March.  

At Clydesdale and Yorkshire Bank, the residential standard variable rate rises to 7.74% from 7.24%. 

Their residential offset variable rates lift to 7.95% from 7.45%.   

BTL revert rates and offset variable investment housing loan rates, rise to 8.24% from 7.74%.   

These revised rates take effect for new customers from 2 February and for existing customers from their next payment date after 2 February.  

The Bank of England’s Monetary Policy Committee lifted base rate from 3% to 3.5% on 15 December.  

The committee is widely expected to lift the rate for the 10th time in a row by 50bps to 4% today to control rising prices, currently at 10.5%, which is more than five time higher than the central bank’s 2% inflation target.