It also relaunches a 95% LTV five-year fixed rate for newly qualified professionals
Clydesdale Bank has announced a number of rate reductions across its product range, as well as the relaunch of a high loan-to-value (LTV) product.
Fixed rates at 85% to 90% LTV for professionals and newly qualified professionals have been reduced by 0.10%, now from 4.59%, while selected 75% to 90% LTV fixed rates have been cut by up to 0.20%, now from 4.24%.
Exclusive £1 million to £2 million fixes at up to 75% LTV with a £1,999 fee have been slashed by up to 0.18%, now from 4.24%, while £1 million-plus fixed rates at 65% to 85% LTV have been reduced by up to 0.24%, now from 4.37%.
The lender’s remortgage exclusive five-year fix at 80% LTV with £1,499 fee and £1,000 cashback has been lowered by 0.10% to 4.29%. Its five-year buy-to-let fixed rate at 75% LTV has been reduced by 0.36% to 5.34%.
For product transfers, the 85% to 90% LTV fixed rates for professionals and newly qualified professionals have been slashed by 0.10%, now from 4.59%, while the 95% LTV five-year fix for newly qualified professionals has been reduced by 0.30% to 5.89%.
Selected 65% to 90% LTV fixed rates with £499 fee have been slashed by up to 0.20%, now from 4.12%, while the same product with fee-savers have been reduced by up to 0.16%, now from 4.23%.
Exclusive £1 million to £2 million fixes at up to 75% LTV with £999 fee have been cut by up to 0.18%, now from 4.24%, while £1 million-plus fixed rates at 65% to 85% LTV have been lowered by up to 0.24%, now from 4.37%. The lender’s five-year buy-to-let fixed rate at 75% has been reduced by 0.36% to 5.34%.
Aside from the rate reductions, Clydesdale Bank also improved its new customer product range by relaunching its 95% LTV five-year fixed rate for newly qualified professionals with a rate of 5.89%.
“We have made rate reductions across most of the Clydesdale Bank range and have also reintroduced a 95% LTV mortgage deal for newly qualified professionals looking to purchase a property,” Richard Walker (pictured), head of intermediary sales at Virgin Money, said.
Read more: Your guide to Clydesdale for intermediaries
“We’ve reduced all larger loan exclusives at £1 million-plus too. For customers requiring a larger loan, our dedicated underwriting team is on hand to help with these or to discuss an application which doesn’t meet our standard lending criteria.”
The bank said the new rates are already reflected in all sourcing systems and in their online application system. Its complete list of mortgage products and their details is also available online.
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