Virgin Money has announced changes to its mortgage variable revert rates.

The changes come after the Bank of England (BoE) increased the base rate by 25 basis points to 1% on 5 May.

The residential standard variable rate (SVR) will increase from 4.99% to 5.24%. 

For residential customers who have held a mortgage on a property for seven years or more, will go up from 4.74% to 4.99%. 

The buy-to-let (BTL) variable rate will rise from 5.19% to 5.44%. 

Virgin Money says the revised rates will take effect for new customers from 7 June and for existing customers from 1 July.

For Clydesdale and Yorkshire Bank, residential SVR will increase from 4.99% to 5.24%, while the residential offset variable rate will go up from 5.20% to 5.45%. 

The BTL revert rate, offset variable investment housing loan rate, will rise from 5.60% to 5.85%. 

The revised rates for Clydesdale and Yorkshire Bank will take effect for new customers from 7 June and for existing customers from their next payment date after 7 June.