Virgin Money reduces mortgage Standard Variable Rate by 0.25%
- Virgin Money confirms that it will pass on the full Bank of England base rate cut to its mortgage customers
- 0.25% cut in SVR will take effect on 1 September 2016
Jayne-Anne Gadhia, Chief Executive said: "We recognise the important role that banks have in supporting growth in the underlying economy by passing on lower borrowing costs to customers. As a result, Virgin Money will be passing on the full 25 basis point cut in Bank Rate to our mortgage Standard Variable Rate from 1 September 2016."
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About Virgin Money
- Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to over 3 million customers across the UK.
- Virgin Money’s business ambition is to make "everyone better off" – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- More than 11,500 charities have registered with Virgin Money Giving and, by the end of June 2016, over £475 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £15 million more raised for charity because of its not-for-profit model.