Clydesdale Bank announced on Thursday, July 13th, that it is launching several new mortgage products and altering the rates on its existing portfolio.
The bank introduced two exclusive remortgage products. The first one, a 65% loan-to-value (LTV) 2-year fixed-rate mortgage, will have an interest rate of 6.03%. The second, a 65% LTV 5-year fixed-rate deal, will come in at 5.38%.
Alongside these products, Clydesdale Bank is also rolling out two new purchase exclusives. The first is a 90% LTV 2-year fixed-rate mortgage at 6.50%, and the second is a 90% LTV 5-year fixed-rate offering at 5.85%. These products will be available for loan sizes ranging between £300,000 and £600,000.
In addition to the new product launches, the bank announced changes to its existing product range. Effective immediately, exclusive remortgage fixed rates at 75% and 80% LTV will be increased by 0.10%.
Furthermore, 85-95% LTV 2-year fixed rates will be bumped up by 0.30%, and the 5-year fixed rates in the same LTV range will go up by 0.20%.
Lastly, the bank also announced rate hikes for its buy-to-let (BTL) offerings. 2-year fixed rates will rise by 0.30%, while 5-year fixed rates will see an increment of 0.20%.
Clydesdale Bank’s changes come amid a general trend of rising mortgage rates, which have been driven higher by increasing market pressures, including the Bank of England’s recent interest rate hikes.
