Clydesdale Bank has announced the introduction of new mortgage products for professionals and changes to interest rates across a range of its products. These changes will take effect on Tuesday, July 4th.
The bank will be offering two new fixed-rate products specifically for professionals: a 2-year fixed-rate mortgage with an LTV (loan-to-value) of 75% and starting rates from 6.25%, and a 5-year fixed-rate mortgage with the same LTV and starting rates from 5.60%.
Simultaneously, the bank will implement a series of rate adjustments from 8 pm today. Fixed rates for loans ranging from £1m to £2m will see an increase by up to 0.43%, starting from 5.40%. In addition, remortgage fixed rates with £500 cashback will be increased by up to 0.50%, with rates beginning at 5.48%.
Clydesdale Bank also revealed changes to products for both new and existing customers. Full C&I fixed rates and interest-only fixed rates will see increases by up to 0.60% and 0.66% respectively. The rates for loans over £1m and professional mortgages with LTVs between 85-95% will also rise by up to 0.66% and 0.55% respectively.
In the buy-to-let (BTL) sector, fixed rates for 60-75% LTV mortgages will be raised by up to 0.50%. However, for landlords seeking higher LTVs, fixed rates for 80% LTV mortgages will be reduced by 0.11%.
The bank also confirmed that the end dates for these products would move to October of the relevant year.
