Loyalty and interest rates

Current Virgin Money loyalty and interest rates

  • Our Standard Variable Rate for mortgages is 4.99% and our Buy-to-Let Variable Rate is 5.19%.
  • Our Loyalty Rate for qualifying residential customers is 4.74%.

All rates effective from 1st October 2018 for existing customers.

What is the Virgin Money Loyalty Rate and how do I qualify for it?

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.

On 2 August 2018 the Bank of England increased the Base Rate to 0.75%.

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.

Will I need to change my Direct Debit or Standing Order?

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.

I have a payment arrangement in place - how will this be affected?

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:

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 deal 

Worried about repaying your mortgage?

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.

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