Virgin Money is increasing its standard variable rates following the recent Bank of England increase to the March base rate.

This latest mortgage increase will affect both residential and buy-to-let (BTL) customers who have products with Virgin Money, Clydesdale and Yorkshire Bank.

For Virgin Money the residential SVR will increase from 4.74% to 4.99%. The loyalty rate, for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 4.49% to 4.74%.

Meanwhile, Virgin Money is also increasing its BTL variable rate from 4.94% to 5.19%.

These new rates will take effect for new customers from 5 April 2022 and for existing customers from 1 May 2022.

The company is also increasing the residential SVR for Clydesdale and Yorkshire Bank customers, from 4.74% to 4.99%. This increase will see the bank’s residential offset variable rate increase from 4.95% to 5.20%.

Its BTL revert rate and Offset Variable Investment Housing Loan Rate will also increase, from 5.35% to 5.60%.

For Clydesdale and Yorkshire customers these revised rates will take effect for new customers from 1 April, and for existing customers from their next payment date after 1 April.