Virgin Money has become the latest lender to pass on the Bank of England’s base rate reduction of 0.5 per cent to customers.

The full decreased rate will be applied to Virgin Money, Clydesdale Bank and Yorkshire Bank standard variable rate mortgages.

Virgin Money’s residential SVR will reduce to 4.49 per cent while Virgin Money’s Loyalty Rate will reduce to 4.24 per cent.

The Yorkshire and Clydesdale Bank residential standard variable rate will reduce to 4.70 per cent.

Changes will take effect from 2 April 2020 for new customers and, for existing customers, their next payment date from 2 April 2020 onwards.

Virgin Money director of mortgages Hugh Chater says: “ In the current environment, we understand our customers may be worried about the impact Coronavirus could have on their finances and we are committed to supporting any who are affected as much as possible.

“We would encourage any of our customers who are concerned to get in touch with us as early as possible so we can discuss their individual circumstances and the different ways in which we can help them.”