Virgin Money says it has raised mortgage variable revert rates at its brands by 50 basis points, following two Bank of England 25bps base rate hikes in March and May.  

The move affects loans at Virgin Money, Clydesdale and Yorkshire Bank.  

The details are:  

Virgin Money  

• Residential standard variable rates increase to 8.74% from 8.24%  
• Loyalty rates, for qualifying residential customers who have held a mortgage on a property for seven years or more, increase to 8.49% from 7.99%   
• Buy to let variable rates increase to 8.94% from 8.44%   
• This takes effect for existing customers from 1 July and for new customers from 6 June  

Clydesdale and Yorkshire Bank  

• Residential standard variable rates increase to 8.74% from 8.24%   
• Residential offset variable rates increase to 8.95% from 8.45%   
• BTL revert rates and offset variable investment housing loan rates increase to 9.24% from 8.74%   
• This takes effect for existing customers from their next payment date after 6 June and for new customers from 6 June  

Scores of lenders have pulled close to 1,000 home loans and BTL deals and have raised rates over the last two weeks, as firms react to the prospect of further Bank of England base rate rises, after inflation fell to higher-than-expected levels last month, sparking a rise in swap rates.