Clydesdale Bank makes significant changes to its mortgage products, impacting both residential and buy-to-let sectors.
- From today, Clydesdale Bank’s core residential mortgage rates will see increases of up to 0.25% across selected fixed-rate products.
- Exclusive rate products will experience minor upticks, with certain product transfer rates rising by 0.20%.
- Remortgage and purchase fixed rates are adjusted upwards, particularly affecting higher loan-to-value brackets.
- Professional and buy-to-let mortgage products are not exempt, with increases reaching up to 0.25% on selected offerings.
Effective immediately, Clydesdale Bank has introduced revisions to mortgage rates, affecting both residential and buy-to-let categories. These changes are substantial, particularly for borrowers within specific loan-to-value (LTV) bands. Core residential products are seeing an increase of up to 0.25% across selected two- and five-year fixed rates with a focus on LTV ratios between 65% and 80%. Such adjustments may influence potential homeowners considering fixed-term commitments.
Alongside core products, Clydesdale’s exclusive range also faces increments. Borrowers opting for the product transfer fixed rate at a 65% LTV over a two-year term will be subject to a rise of 0.20%. These exclusive offerings typically cater to niches and existing clients seeking product transfers or additional borrowing options, making the adjusted rates a crucial consideration for these groups.
Moreover, selected remortgage fixed rates will experience increases of up to 0.10% for two- and five-year terms. Notably, five-year fixed rates for purchases with LTVs between 80% and 85% are similarly affected, also marking an increment of up to 0.10%. Such modifications could impact those nearing the end of their current terms or new buyers evaluating affordability within these LTV cohorts.
The bank’s adjustments extend to large loan fixed rates, which will increase by up to 0.25% for two- and five-year terms. Large loans, often utilised by high-net-worth individuals, will have cost implications that warrant consideration given the significant sums involved. Furthermore, professional mortgage products, encompassing advantageous terms for certain qualified professionals, will see their selected two- and five-year fixed rates rise by up to 0.20%.
Buy-to-let products, covering investments from single property landlords to larger portfolio holders, are also affected. The bank has announced hikes in five-year fixed rates at 60% to 75% LTV by up to 0.10%. These changes could influence investment strategies, particularly as investors balance these costs against potential rental yields.
These comprehensive rate adjustments by Clydesdale Bank highlight a strategic move in response to broader market conditions.
