21st January 2013
Low Start Mortgage
On Monday 21st January 2013, we launched our new Low Start Mortgage, exclusive to the intermediary market.
This innovative product offers an initial interest-only fixed rate period of 3 years before the repayments automatically revert to our Standard Variable Rate on capital and interest for the remainder of the mortgage term. The products are available for both purchase and remortgage up to 80% LTV.
The mortgage will appeal to any of your clients who want to minimise their repayments in the first 3 years of their mortgage term whilst providing assurance that their mortgage will be repaid in full by the end and is based on a 3 year residential fixed rate, tiered across four LTV.
New Interest Only Products
In addition to the new Low Start product launch, we have reviewed our current range for interest only applications. As a result we have created a dedicated range for interest only. Our interest only mortgage products have a minimum loan size of £300,000 and are available for both purchase and remortgage.
Our other residential mortgage rates remain unchanged.
Large loans
On 21st January 2013 we will also introduce a range of dedicated large loan products available for both purchase and remortgage. In addition, these products can support part and part interest only and repayment mortgages, with up to £1,000,000 of large loan mortgages able to be on interest only basis, with the remainder on repayment. The maximum loan size is £2,000,000. Large loan products will be used for any mortgage where the loan size is over £1,000,000.
3 year Fixed Rates
We have withdrawn our 3 year Fixed Rate range.
Pipeline
We will accept applications on the withdrawn products up until 5pm on Friday 25th January 2013. Applications received after this time will be processed on the new rates.
Arrangement fees apply to all our mortgage products; please refer to the product details for the fee information.
If you are not an intermediary of the Bank, you should not refer to the information contained in this website. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority's mortgage conduct of business rules. This site is intended for UK residents (who are intermediaries of the Bank) unless otherwise stated.
Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 177 Bothwell Street, Glasgow G2 7ER.
