Virgin Money and Clydesdale Bank are reducing their standard variable rates following last week’s Bank of England base rate cut, while increasing some fixed rates by up to 30 basis points.
Clydesdale’s fixed rate increases come into force on Friday, with the biggest rises for buy-to-let borrowers.
Some core residential fixes will go up almost as much, increasing by up to 29 bps.
The lender is raising rates on some of its exclusive deals by up to 20 bps and certain products for professionals by up to 21 bps.
Separately, both lenders, which are part of the same group, announced when they would be cutting rates for borrowers on their SVRs.
Virgin’s standard variable rate for residential borrowers will not fall until next Thursday, November 28, when it drops 75 basis points from 8.99% to 8.24%.
Its buy-to-let variable rate will come down from 9.19% to 8.44% on the same day.
Clydesdale’s residential SVR will come down tomorrow from 8.99% to 8.24%.
Its offset variable rate will drop from 9.20% to 8.45% tomorrow.
Its buy-to-let variable rate and offset variable investment housing loan rate will come down from 9.49% to 8.74%.
