Clydesdale Bank has confirmed that it will be cutting rates across most of its range of mortgage products, and that it is also going to be providing a new fixed five-year loan.
This new mortgage product comes with LTV of 95% and is being targeted at young professionals who have just started their working lives. It has a starting rate of 5.89%. However, in addition to this new loan, Clydesdale Bank is also making sweeping reductions to rates across other parts of its mortgage product range.
The existing products for freshly qualified and established professionals that have LTV set at between 85% and 90% have had their rates cut by 0.10%. The new starting rate for them is 4.59%.
Rates on selected Clydesdale products with LTV between 75% and 90% have also been cut; in this case they have been cut by 0.20% to start at 4.24%. Mortgages of between £1 million and £2 million now also come with starting rates of 4.24%, which marks a cut of 0.18%. LTV is set at a maximum of 75%, with fees coming to £1,999.
Speaking to Financial Reporter about the changes that the lender has announced, Clydesdale intermediary sales head Richard Walker said:
“We have made rate reductions across most of the Clydesdale Bank range and have also reintroduced a 95% LTV mortgage deal for newly qualified professionals looking to purchase a property.”
Any advisor who has the CeMAP qualification knows that reduced rates and new products being added to the marketplace is good for borrowers.
