Virgin Money has lifted its mortgage variable revert rates by 25 basis points across the group, following the central bank raising its base rate last month. 

At Virgin Money, the changes cover: 

• Residential standard variable rates will rise 25bps to 9.49% 
• Loyalty rates, for qualifying residential customers who have held a mortgage on a property for seven years or more, will rise 25bps to 9.24%  
• Buy-to-let variable rates rise 25bps to 9.69% 

The lender says these revised rates will take effect for new customers from 6 September and for existing customers from 1 October. 

At Clydesdale and Yorkshire Bank, the changes cover: 

• Residential standard variable rates will rise 25bps to 9.49% 
• Residential offset variable rates will rise 25bps to 9.70% 
• BTL revert rates and offset variable investment housing loan rates, will rise 25bps to 9.99% 

The revised rates will take effect for new customers from 6 September, and for existing customers from their next payment date after 6 September. 

Last month, the Bank of England lifted the base rate by 25bps to 5.25%, its 14th consecutive rise taking it to the highest level for 15 years.  

It comes as the Bank battles inflation, which fell to 6.8% in the year to July from 7.9% in June, but still remains almost three-and-a-half times higher than its 2% target.