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
NEW CLYDESDALE BANK PRODUCTS AND FIXED RATE INCREASES
We wanted to let you know that we’re launching the following Clydesdale Bank products on Wednesday 26 July.
Exclusive remortgage deals
- NEW 80% LTV 2 year fixed rates, available from 6.35%.
- NEW 80% LTV 5 year fixed rates, available from 5.82%.
These deals are available for loan sizes between £200,000 and £1,500,000.
New and existing customer products
- NEW 95% LTV 5 year fixed rates will be available for new customers. Our existing product transfer rates at 95% LTV remain unchanged.
We’ll also be making these changes at 8pm today:
New and existing customer products
- 65-80% LTV 2 year fixed rates will be increased by up to 0.28%.
- 65-80% LTV 5 year fixed rates will be increased by up to 0.30%.
- Our Professional and Newly Qualified products will be available for loan sizes between £150,000 and £1,000,000.
If you’re applying for one of these products on behalf of your customer, please send us the application by 8pm today.
We’re making changes to our fees
Good news, we’re reducing our fees for new applications submitted from Wednesday 26 July.
- Our Funds transfer fee will be reduced from £40 to £25.
- Our Mortgage exit fee will be reduced from £195 to £99.
For deals with no associated product fee including our Fee Offer fixed rate Residential, BTL and Professional range, we’ll also remove the funds transfer fee.
You can find our current rates on our website. If you’ve got any questions, you can get in touch with your Business Development Manager.
WE’RE MAKING CHANGES TO OUR RATES
Following the decision by the Monetary Policy Committee on 22 June 2023 to increase the Bank of England Base Rate to 5.00%, we’re making some changes.
On 3 August 2023, we’ll increase the following Clydesdale Bank variable rates:
- Our Standard Variable Rate will move to 9.24%.
- Our Offset Variable Rate will move to 9.45%.
- Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate will move to 9.74%.
What happens with cases at application or offer stage
Applications for Clydesdale Bank Variable Rate Discounted Offset products will see an increase to the interest rates from 3 August 2023 in line with the updated Variable Rate. All new revert-to-rates will be live from 3 August 2023 and customers will be contacted to let them know their new rate and monthly payment on completion of the loan.
Applications for fixed or tracker rate products are not affected by this change.
What happens with existing customers
Clydesdale Bank customers who are affected by these changes will be contacted to let them know their new rate and monthly payment will become effective from their next payment following 3 August 2023.
If you’ve got any questions, you can get in touch with your Business Development Manager.
Our duty to your customers
Since April, when we wrote to you about our Consumer Duty Mortgage Product Attestations, we’ve been reviewing our products to make sure they provide your customers with Fair Value.
What’s more, we’ve completed a ringfenced review and Fair Value assessment of our Clydesdale Bank Offset proposition, which we want to share with you – more below.
Quick recap
In case you missed them first time round, our attestations are intended to give you confidence in recommending Clydesdale Bank products and services, by being sure they meet the Consumer Duty outcomes.
Our promise
We promise our attestations will always be up to date and aligned with our current products, and that we’ll review and re-issue them when we need to. To view our attestations for residential lending, visit:
Clydesdale Bank – Consumer Duty Attestations – C&I, IO and Offset
Please note that the Offset Attestation is new. If you haven’t already, do take the time to familiarise yourself with it.
Just so you know, this is just for mortgage brokers, and you’ll always be able to view the latest version on our intermediary website.
We’re here for you
If you’ve got any questions, just get in touch with your Business Development Manager, who’ll be more than happy to help