It also reduces selected new customer and product transfer rates
Clydesdale Bank has announced changes to its residential and buy-to-let mortgage range, launching new interest-only products and reducing the rates of selected new customer and product transfer mortgages.
Interest-only two- and five-year fixed rates at 65% loan-to-value (LTV) for new customers have been launched from 4.06%. These products are also available for product transfer from 4.06%.
The lender also announced rate reductions on the following new customer products:
- Selected 80% to 90% LTV fixes - rates reduced by up to 0.10%
- 85% to 90% LTV professional and newly qualified professional fixes - rates reduced by up to 0.10%
- Selected 65% to 75% LTV exclusive £1 million to £2 million fixes - rates reduced by up to 0.09%
- Selected 65% to 80% LTV £1 million-plus fixes - rates reduced by up to 0.09%
- Selected buy-to-let 60% to 75% LTV fixes - rates reduced by up to 0.13%
The following product transfer mortgages rates have also been cut:
- Selected 65% to 90% LTV fixes - rates reduced by up to 0.10%
- 85% to 90% LTV professional and newly qualified professional fixes - rates reduced by up to 0.10%
- Selected 65% to 75% LTV exclusive £1 million to £2 million fixes - rates reduced by up to 0.09%
- Selected 65% to 80% LTV £1 million-plus fixes - rates reduced by up to 0.09%
- Selected buy-to-let 60% to 75% LTV fixes - rates reduced by up to 0.13%
Clydesdale said brokers have been informed of the changes, which are effective today, April 21.
Details of all Clydesdale mortgage products, reflecting the latest product changes, are available online through its intermediaries website.
“We are pleased to launch a new range of interest-only products at 65% LTV for new and existing customers,” Richard Walker (pictured), head of intermediary sales at Virgin Money said. “This is an addition to a number of rate reductions made across our residential and BTL fixed rates.”
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