Virgin Money and Clydesdale Bank are slashing their variable mortgage rates, offering a glimmer of hope in the face of rising living costs.

From today, 11th July 2024:

• Virgin Money is cutting its standard variable rate (SVR) from 9.49% to 9.24%. That means a saving of £25 per £100,000 borrowed annually.
• Virgin Money is also reducing its buy-to-let (BTL) variable rate from 9.69% to 9.44%.
• Clydesdale Bank is also joining the party, lowering its SVR from 9.49% to 9.24%, matching Virgin Money’s new rate.
• Clydesdale Bank is also reducing its offset variable rate from 9.70% to 9.45%.
• Landlords will be pleased to hear that Clydesdale Bank is cutting its BTL variable rate from a hefty 9.99% to 9.74%.

What does this mean for existing customers?

• Virgin Money customers will see their new rates and monthly repayments come into effect on 1st August 2024.
• Clydesdale Bank customers will be contacted after 11th July 2024, with the new rates applied from their subsequent payment date.

Important Note: These changes only affect variable rate mortgages. If you have a fixed-rate or tracker mortgage, your rate will remain the same.