Virgin and Clydesdale cut variable rates by 0.75%

Virgin Money and Clydesdale Bank have both reduced their variable mortgage rates by 0.75%.

Following the decision by the Monetary Policy Committee on 7th November to reduce the Bank of England Base Rate to 4.75%, Virgin Money's standard variable rate (SVR) will reduce from 8.99% to 8.24% and its buy-to-let variable rate will move from 9.19% to 8.44%. 

Clydesdale Bank has reduced its SVR from 8.99% to 8.24% and its offset variable rate from 9.20% to 8.45%. The Bank's buy-to-let variable rate, Offset Variable Investment Housing Loan Rate, is decreasing from 9.49% to 8.74%. 

In addition, selected rates in Clydesdale's fixed rate range will increase by up to 0.29%, including core residential rates between 85%-95% LTV, two-year buy-to-let rates, selected large loan exclusives, and professional products.

Earlier this month, MPowered Mortgages also reduced its variable rate by more than the Bank of England's recent 0.25% reduction to Base Rate.

MPowered cut its SVR by 0.75% from 7.49% to 6.74%. As well as the 0.25% cut to the Bank of England Base Rate, which is currently 4.75%, being passed on following yesterday's Base Rate decision, MPowered has also lowered the tracker margin by a further 0.50%. This means that MPowered's SVR now tracks BBR at +1.99%.