Virgin Money has changed its mortgage variable revert rates, following the announcement of an increase of 0.50% in base rate by the Bank of England on 2 February 2023.

For Virgin Money customers, the residential standard variable rate (SVR) will increase from 7.74% to 8.24%, while the buy-to-let (BTL) variable rate will go up from 7.94% to 8.44%.

The loyalty rate, which is for qualifying residential customers who have held a mortgage on a property for seven years or more, will increase from 7.49% to 7.99%.

The revised rates will take effect for new customers from 2 March and for existing customers from 1 April.

For Clydesdale and Yorkshire Bank customers, the residential SVR will increase from 7.74% to 8.24% while the residential offset variable rate will increase from 7.95% to 8.45%.

The BTL revert rate, offset variable investment housing loan rate, will increase from 8.24% to 8.74%.

The revised rates will take effect for new customers from 2 March and for existing customers from their next payment date after 2 March.

Earlier today, Virgin Money also announced it will now accept income from foster care, using its self-employed policy.

This change also applies to Clydesdale Bank customers.

Virgin Money head of secured lending Craig Calder says: “We know how important a role foster carers in the UK play, which is why we’ve made improvements to our lending policy that will help us to support this sector of over 50,000 households.”