Following the decision by the Monetary Policy Committee on 1 August 2024 to reduce the Bank of England Base Rate from 5.25% to 5.00%, we’re making some changes.
On 22 August 2024 we’ll reduce the following Virgin Money variable rates:
- Our Standard Variable Rate will move from 9.24% to 8.99%.
- Our Loyalty Rate will move from 8.99% to 8.74%
- Our Buy To Let Variable Rate will move from 9.44% to 9.19%.
From 2 August 2024 our updated tracker rates will reflect the change to the Bank of England Base Rate with no change to our tracker differential.
What happens to existing customers
Customers affected by the changes to our Standard Variable Rate, Loyalty Rate or Buy to Let Variable Rate will be contacted to let them know their rate and monthly repayment will change on 1 September 2024.
Customers whose mortgage rates are directly linked to the Bank of England Base Rate will be contacted to let them know their monthly payment will change on 1 October 2024 as per their mortgage terms and conditions.
If you've got any questions, you can get in touch with your Business Development Manager.