Clydesdale Bank has announced an increase in mortgage rates affecting a range of products. Starting today, various fixed-rate options will see changes.
- Core residential mortgage products now have increased rates, affecting 2- and 5-year fixed terms with specific loan-to-value ranges.
- The exclusive product transfer fixed rate at 65% LTV for 2 years is to rise noticeably by 0.20%.
- Remortgage options are not exempt, with certain fixed rates for purchases experiencing up to a 0.10% increase.
- Investor-focused buy-to-let mortgages will also see rate escalations, affecting specific LTV brackets.
Effective immediately, Clydesdale Bank has enacted a comprehensive alteration to its mortgage interest rates, a move set to impact a variety of its lending products. The adjustments have been implemented across both residential and buy-to-let segments, offering a clear indication of the bank’s strategic response to current economic conditions.
In the realm of core residential lending, interest rate increases have been applied to both 2- and 5-year fixed-rate mortgages, particularly for those with a loan-to-value (LTV) ranging between 65% and 80%. These rates are experiencing a rise by as much as 0.25%, marking a significant adjustment for borrowers in these brackets.
For the bank’s exclusive product range, the fixed rate on product transfers at a 65% LTV over a 2-year term is witnessing an increase of 0.20%. This particular adjustment underscores the bank’s approach to maintaining competitive yet profitable lending rates amidst challenging market conditions.
Additionally, selected remortgage fixed rates spanning 2- and 5-years have been increased by up to 0.10%. This change affects mortgages within the 80% to 85% LTV range and signals a broader trend of rising borrowing costs.
The professional sector is also touched by these changes, with rises of up to 0.20% for specific 2- and 5-year fixed-rate professional products. Moreover, the residential discount offset rate for a 2-year term increases by 0.25%, further reflecting the bank’s strategy to adjust cyclical economic fluctuations.
For buy-to-let investors, the landscape similarly shifts, as 5-year fixed rates at a 60% to 75% LTV capacity also undergo escalations of up to 0.10%. These moves potentially influence investor decisions in a market already characterised by its dynamic nature.
The bank’s rate revisions underscore its strategic response to prevailing market conditions.
