Virgin Money raised its mortgage variable revert rates across its brands.  

At Virgin Money, the business says its residential standard variable rate increases to 6.49% from 5.99%.  

The loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, rises to 6.24% from 5.74%.  

Its buy-to-let variable rate lifts to 6.69% from 6.19%.  

The revised rates take effect for new customers from 4 November and for existing customers from 1 December.  

At its Clydesdale and Yorkshire Bank brands, residential standard variable rates increase to 6.49% from 5.99%.  

Residential offset variable rates rise to 6.70% from 6.20%.  

BTL revert rates and offset variable investment housing loan rates, lift to 6.99% from 6.60%.  

The revised rates at these lenders take effect for new customers from 4 November and for existing customers from their next payment date after 4 November.  

The group says the move follows the decision by the Bank of England to hike the base rate by 50 basis points on 22 September to 2.25%.  

But the move by the business also comes on the day (3 November) that the BoE again lifted the base rate by 75 basis points to 3%, the biggest rise since 1989 and the eighth time the bank has hiked rates since December. In November, the base rate was just 0.1%.