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 REDUCING SELECTED CLYDESDALE BANK FIXED RATES
We wanted to let you know that we’re reducing the rates on the following Clydesdale Bank products on Wednesday 6 September.
Exclusive remortgage deals
- 80% LTV 5 Year Fixed Rate will be reduced by 0.10% to 5.59%.
These deals are available for loan sizes between £200,000 and £1.5m.
Exclusive large loan deals
- 65% & 75% LTV 2 year fixed rates will be reduced by up to 0.10% starting from 5.98%.
- 65% LTV 5 Year Fixed Rate will be reduced by 0.10% to 5.39%.
These deals are available for loan sizes between £1m and £2m.
New and existing customer products
- Professional 2 year fixed rates will be reduced by up to 0.10% starting from 6.25%.
- Professional 5 year fixed rates will be reduced by up to 0.17% starting from 5.45%.
- Newly Qualified Professional 85%-95% LTV 2 year fixed rates will be reduced by up to 0.20% starting from 6.60%.
- Newly Qualified Professional 85% & 90% LTV 5 year fixed rates will be reduced by 0.10% starting from 6.15%.
- Selected 2 year fixed rates will be reduced by up to 0.20%.
- Selected 5 year fixed rates will be reduced by 0.10%.
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’VE MADE CHANGES TO OUR RATES
Following the decision by the Monetary Policy Committee on 3 August 2023 to increase the Bank of England Base Rate to 5.25%, we’ve made some changes.
On 6 September 2023, we increased the following Clydesdale Bank variable rates:
- Our Standard Variable Rate has moved to 9.49%.
- Our Offset Variable Rate has moved to 9.70%.
- Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate has moved to 9.99%.
What happens with cases at application or offer stage
Applications for Clydesdale Bank Variable Rate Discounted Offset products have seen an increase to the interest rates from 6 September 2023 in line with the updated Variable Rate. All new revert-to-rates will be live from 6 September 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. Rates will become effective from their next payment after 6 September 2023, with new payments collected from the following month.
If you’ve got any questions, you can get in touch with your Business Development Manager.