Effective from tomorrow (Thursday 12th October), Clydesdale Bank has reduced rates on selected mortgage products, and launched new fixed rate remortgage products.
The bank introduced new 2-year and 5-year exclusive fixed remortgage rates at 85% loan-to-value (LTV), starting from 5.24%, with £500 cashback.
Within its exclusive remortgage range, also with £500 cashback, Clydesdale Bank reduced rates on its 80% LTV 2-year rate by 0.15% to 5.84%, its 75% LTV 5-year fixed rate by 0.05% to 5.20%, and its 80% LTV 5-year fixed rate by 0.27% to 5.22%.
These deals are available for loan sizes between £200,000 and £1.5m.
In its exclusive purchase range, the lender reduced its 90% LTV 2-year and 5-year fixed rates by 0.15%, to 5.89% and 5.35% respectively.
These deals are available for loan sizes between £300,000 and £600,000.
Within its exclusive large loan deal range, Clydesdale Bank reduced its 75% LTV 2-year and 5-year fixed rates by 0.16% to 5.75%, and 0.12% to 5.26%, respectively.
These deals are available for loan sizes between £1m and £2m.
For new and existing customers, selected 2-year and 5-year rates were reduced by up to 0.27% and 0.12%, while selected professional and newly qualified professional fixed rates were reduced by up to 0.27%.
Clydesdale Bank reduced its 2-year offset discounted rates by 0.20%, and selected 2-year buy-to-let rates by up to 0.30%.
The end dates will move to January of the relevant year.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Following Nationwide BS we’ve seen recent repricing from a range of lenders, unfortunately the latest from Clydesdale is a step forward [but] the minimal percentage reductions hasn’t resulted in breaching the 5% barrier just yet.”
