Virgin and Clydesdale reduce variable rates by up to 0.71%

Virgin Money and Clydesdale Bank have announced reductions of up to 0.71% to their variable mortgage rates.

From tomorrow, Virgin Money is reducing its standard variable rate (SVR) from 8.24% to 7.74% and its buy-to-let variable rate from 8.44% to 8.24%.

Clydesdale Bank's SVR is moving from 8.24% to 7.74%, its offset variable rate from 8.45% to 7.74%, and buy-to-let variable rate from 8.74% to 8.24%. 

For cases at application or offer stage, customers will be contacted to let them know their new rate and monthly payment on completion of the loan.

Existing Virgin Money customers affected by these changes will be contacted to let them know their rate and monthly repayment will change on 1st February 2025.

Clydesdale Bank variable rate customers affected by these changes will be contacted to let them know when their new rate will become effective, following their next payment date after 23rd January 2025. Their new payment will become effective from the following month.