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
Changes to Clydesdale Bank Variable Rates
Following the decision by the Monetary Policy Committee on 16 June 2022 to increase the Bank of England Base Rate to 1.25%, we’re making some changes. On 7 July 2022, we will increase our Standard Variable Rate to 5.49%, our Offset Variable Rate to 5.70% and our Offset Variable Investment Housing Loan Rate to 6.10%.
Just so you know – our new rates will show on all sourcing systems and our online application system from 7 July 2022. Our mortgage illustrator will be updated on the afternoon of 7 July 2022.
What happens with cases at application or offer stage
All Variable Rate Discounted Offset products will see an increase to the interest rates from 7 July 2022 in line with the updated Variable Rate. All new revert-to-rates will be live from 7 July 2022.
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.
You can now do more business with Clydesdale Bank
Great news, we’ve introduced more ways you can do business with Clydesdale Bank. You can now submit applications for:
- Porting
- Product transfer with additional borrowing
- Further advances
That means you can help even more of your customers with their existing Clydesdale Bank mortgage and we’ll pay you a procuration fee when you do, win-win!
Here’s how to apply
Step 1: Request an Illustration
Complete our Illustration Request Form and email it to us at Existing.Customer.Support@
Step 2: Submit an application
Complete a Residential or Buy-to-Let application form and email it to us at Existing.Customer.Support@
See our existing customer product range for the deals available on these applications.
Our lending policy applies, so we’re unable to accept applications if your customer lives abroad or gets paid in a foreign currency.
Procuration fees
We’ll pay the following procuration fees to your nominated Mortgage Club or Network:
- For product transfer with additional borrowing, we’ll pay 0.20% on the existing loan amount and 0.40% on the additional amount borrowed.
- For a further advance, we’ll pay 0.40% of the new amount borrowed.
- For porting with or without additional borrowing, we’ll pay 0.40% of the total loan amount.
Help is at hand
You can find more information in our lending criteria.