Clydesdale Bank has lifted rates across its key brands following last month’s 25 basis points base rate hike by the Bank of England.

The lending group owns Yorkshire Bank, digital banking service B and Virgin Money.

It says at Virgin Money, residential standard variable rates will rise by 25bps to 5.49%.

Its loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase by 25bps to 5.24%.

The lender’s buy-to-let variable rate will lift by 25bps to 5.69%.

The group says at this brand, revised rates will take effect for new customers from 7 July and for existing customers from 1 August.

At Clydesdale Bank and Yorkshire Bank, residential standard variable rates will increase by 25bps to 5.49%.

Residential offset variable rates at these brands will rise by 25bps to 5.70%.

Their buy-to-let revert rates, offset variable investment housing loan rates, will lift by 25bps to 6.10%.

The group says the revised rates at these brands will take effect for new customers from 7 July and existing customers from their next payment date after 7 July.

In June, the Bank of England raised interest rates by 25bps to 1.25%, the fifth rate rise in a row since December.