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.