Clydesdale Bank has announced an important product update for advisers. Please see below for more details. Contact us for more information, alternatively, you can visit their website here.
ANNOUNCEMENTS
WE’RE MAKING CHANGES TO CLYDESDALE BANK VARIABLE RATES
Following the decision by the Monetary Policy Committee on 17 March 2022 to increase the Bank of England Base Rate to 0.75%, we’re making some changes. On 1 April 2022, we will increase our Standard Variable Rate to 4.99%, our Offset Variable Rate to 5.20% and our Offset Variable Investment Housing Loan Rate to 5.60%.
What happens with existing customers
Customers who are impacted by this rate change will be contacted to let them know of any changes to their mortgage.
What happens with cases at application or offer stage
Products discounted from any of the affected rates will see an automatic increase to the interest rates from 1 April 2022. All new revert-to-rates will be live from 1 April 2022.
WE’RE MAKING SOME CHANGES
We wanted to let you know that we’re making some changes to the following Clydesdale Bank products at 8pm today.
If you’re applying for one of these products on behalf of your customer, please send us the application as soon as possible.
- 75% – 90% LTV 2 and 5 year fixed rate Fee Offers will be increased by up to 0.09%
- 80% LTV 5 year fixed rates with £999 and £1,499 fees will be increased by 0.03%
- 90% LTV 5 year fixed rates with £999 fee will be increased by up to 0.11%
- Professional and Newly Qualified Professional 2 and 5 year fixed rates will be increased by up to 0.09%
- Discounted Offset rates will be increased by 0.25%, in-line with the increase to OVR: now at 5.20%
You can find our current rates on our website.