Changes to our Variable Rates

6th September 2023

Following the decision by the Monetary Policy Committee on 3 August 2023 to increase the Bank of England Base Rate to 5.25% we’ve made some changes.

On 6 September, we increased the following Clydesdale Bank variable rates:

• Our Standard Variable Rate will move to 9.49%.
• Our Offset Variable Rate will move to 9.70%.
• Our Buy to Let Variable Rate, Offset Variable Investment Housing Loan Rate will move to 9.99%.

What happens with cases at application or offer stage

All Variable Rate Discounted Offset products have seen an increase to the interest rates from 6 September 2023 in line with the updated Variable Rate. All new revert-to-rates will be live from 6 September 2023 and customers will be contacted to let them know their new rate and monthly payment on completion of the loan.

What happens with existing customers

Customers who are affected by these changes will be contacted to let them know their new rate and monthly payment. Rates will become effective from their next payment after 6 September 2023, with new payments collected from the following month.

If you’ve got any questions, you can get in touch with your Business Development Manager.