What happens with existing customers?
Following the Bank of England Base Rate change on 7 November 2024 we will write to customers who have a mortgage directly linked to the Bank of England base rate to confirm their new monthly mortgage payment and interest rate, which will be effective from 1 January 2025.
We are currently reviewing our other variable rates.
View our current variable interest rates.
How would a change affect your mortgage?
To understand how the base rate changes might affect you, the first thing to do is check what type of mortgage you're on:
As tracker mortgages are directly linked to the Bank of England Base Rate, the interest rate on your mortgage will always move in line with any changes to the Base Rate, as explained in the Offer of Loan for your mortgage. The interest rate will not go below 0.00%.
We will write to you around 2 weeks in advance of any change to confirm your new monthly mortgage payment and your interest rate.
If we change our Standard Variable Rate as a result of a change to the Bank of England Base Rate, we will write to you around 2 weeks in advance of any change to confirm your new monthly mortgage payment and your new interest rate.
If we change our loyalty rate as a result of a change to the Bank of England Base Rate, we will write to you around 2 weeks in advance of any change to confirm your new monthly mortgage payment and your new interest rate.
We will continue to honour all Base Rate guarantees. You continue to pay either our new Standard Variable Rate (SVR) or the guarantee stated within your original offer, whichever is lower.
Fixed rate mortgages are not affected by any change in the Bank of England base rate during the fixed rate period.
A Freedom to Fix mortgage tracks the Bank of England Base Rate, but with the flexibility to switch to a fixed rate mortgage at any time during your tracker rate period, without paying an Early Repayment Charge. Your interest rate will therefore be increased or decreased in line with any change to the Bank of England Base Rate. The interest rate will not go below 0.00%. If your circumstances change and you decide that you would like to fix your interest rate, you can. A product fee may apply.
We will write to you around 2 weeks in advance of any change to confirm your new monthly mortgage payment and your new interest rate.
If you would like to review your mortgage please call us on 0345 605 0500 to speak to one of our dedicated mortgage advisers.
| Number | Cost |
|---|---|
| 03 numbers | Same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. |
| 084 numbers | Maximum of 7p per minute, plus your phone company's access charge. |
| 087 numbers | Maximum of 13p per minute, plus your phone company's access charge. |
| 0800 numbers | Free from UK landlines and personal mobile phones. |
If we make any changes to the variable rate part of your mortgage, we will write to you around 2 weeks in advance of any change with the new interest rate and monthly payment for this part of your mortgage. The fixed rate part of your mortgage will not be affected by any change in the Bank of England base rate during your fixed rate period.
Looking to switch your Virgin Money mortgage deal?
Is your current Virgin Money mortgage deal coming to an end, or are you already on our Standard Variable Rate or Buy-to-Let Variable Rate? See if our mortgage rates could save you money.
Find out more about switching your mortgage deal