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If you have a residential mortgage, you will qualify for our Loyalty Rate – a discount of at least 0.25% on our Standard Variable Rate (SVR) – after you have had a mortgage with us on the same property for seven years. This is provided you do not currently benefit from another special rate and are not currently within an Early Repayment Charge period. Please note, Buy-to-Let mortgage customers are not eligible for our Loyalty Rate.
What is the Bank of England Base Rate?
The Base Rate is the official bank rate set by the Bank of England. It is reviewed regularly and when it changes, lenders' variable interest rates normally do too. Higher interest rates mean bigger repayments on loans you've taken out, like your mortgage.
What happens when the Base Rate changes?
Following a change to the Bank of England Base Rate your interest rate will be reviewed and we will decide what changes we will be making.
If your interest rate changes, 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.
Mortgage customers who pay by Direct Debit do not need to do anything.
Mortgage customers who do not pay by Direct Debit will need to make arrangements to change their monthly payment, if appropriate. If you pay by standing order you will need to contact your bank to change your payment, giving them at least four business days’ notice before the payment is due.
Your payment arrangement will continue until the agreed end date unless your monthly contractual payment is higher than your payment arrangement. In these circumstances we will automatically cancel your existing payment arrangement.
If you would like us to change or cancel your payment arrangement, please let us know.
How would a change affect your mortgage?
To understand how a Base Rate change 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. 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.
Standard Variable Rate (SVR) or Buy-to-Let Variable Rate mortgages
If we change our variable rates as a result of a change in the Bank of England Base Rate, we will write to you around 2 weeks in advance of any change to confirm your new interest rate and monthly payment.
You pay interest on your mortgage at a loyalty rate
If we change our loyalty rate as a result of a change in the Bank of England Base Rate, we will write to you around 2 weeks in advance of any change to confirm your new interest rate and monthly payment.
Mortgages with a Base Rate guarantee
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
Fixed rate mortgages are not affected by any change in the Bank of England Base Rate during the fixed rate period.
Freedom to Fix mortgages
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. If your circumstances change and you decide that you would like to fix your interest rate, you can. A product fee may apply.
If you would like to review your mortgage please call us on 0345 605 0500 to speak to one of our dedicated mortgage advisers.
You have a fixed rate mortgage, but some of your mortgage is also on a variable rate
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.
We want to offer you as much support as we can. If you think you may have difficulty keeping up with your mortgage payments, please call us on 0800 917 0037, so that we can discuss the options available to you. We are here from 8am to 6pm, Monday to Friday and 9am to 1pm on Saturdays.