Virgin Money UK has announced it will cut its standard variable rate in line with the Bank of England base rate reduction of 0.50%.
The cut will apply across Virgin Money, Clydesdale Bank and Yorkshire Bank SVRs.
The changes apply to all Virgin Money, Clydesdale Bank and Yorkshire Bank customers whose mortgage rate is linked to SVR.
Virgin Money’s residential SVR will drop to 4.49% and its loyalty rate will reduce to 4.24%.
The Yorkshire and Clydesdale Bank Residential SVR will decline to 4.70%.
Furthermore, the changes will come into effect from 2 April 2020 for new customers, and for existing customers.
Hugh Chater, director of mortgages at Virgin Money, said: “Virgin Money will be passing on the full 0.50% cut in Bank Rate to our mortgage standard variable rates.
“In the current environment, we understand our customers may be worried about the impact Coronavirus could have on their finances and we are committed to supporting any who are affected as much as possible.
“We would encourage any of our customers who are concerned to get in touch with us as early as possible so we can discuss their individual circumstances and the different ways in which we can help them.”