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 2 February 2023 to increase the Bank of England Base Rate to 4.00%, we’re making some changes. On 2 March 2023, we will increase our Standard Variable Rate to 8.24%, our Offset Variable Rate to 8.45% and our Offset Variable Investment Housing Loan Rate to 8.74%.
What happens with cases at application or offer stage
All Variable Rate Discounted Offset products will see an increase to the interest rates from 2 March 2023 in line with the updated Variable Rate. All new revert-to-rates will be live from 2 March 2023.
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.
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 accept income from foster caring
We’ve introduced a new lending policy to help us say yes to more customers at Clydesdale Bank.
We now accept income from foster caring, using our usual self-employed policy.
Just so you know, any individuals under foster care should be included as dependants within the application.
You can see how much we could lend customers in our Clydesdale Bank affordability calculator.