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Residential fixed rate - 5 years Interest Only - Loans over £1m BO1600

For loans up to 65% of property value

Product nameResidential fixed rate - 5 years Interest Only - Loans over £1m BO1600
Initial rate4.50%
Initial rate expires on
31st January 2030
Rate thereafterStandard Variable Rate, currently
8.24%
Overall cost for comparison7.20% APRC
Product fee
£1,999
Option to add product fees to mortgageThe product fee can be added to the loan, unless it takes a residential loan over 95% LTV or a BTL loan over 80% LTV.
Legal and Valuation Fees

Purchases: No Incentives

Re-mortgages: Free valuation and free legal fees (if using bank's own solicitors)

Eligibility

Applicants must be aged 18 or over. All loans are subject to status. Security will be required. This product is only available for remortgages

Maximum loan amount

The minimum loan size is £1,000,001.
Maximum Loan Amounts are restricted by LTV criteria:
Loans up to
£10,000,000 - maximum LTV 65%
Loans Over £10,000,000 - maximum LTV 60% (no more than 55% LTV to be Interest Only)

Where any element of the loan is interest only, the following criteria applies:
Maximum Term: 25 years
Minimum Income: £75k sole or £100k joint
Maximum age & retirement: If downsizing is used as a repayment strategy, the maximum age is 70 and lending in/into retirement is not allowed.

Maximum loan to value65%
Minimum loan amount£1,000,001
Early repayment charge5% in years one and two
4% in year three
3% in year four
2% in year five
Special offers

Purchase: None

Remortgage: One free valuation for properties up to £3m.

Overpayment permittedYes, up to 10% of outstanding loan each year without penalty. After the fixed period you can make over payments without any restrictions.
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Quick links

Our online application makes it quick and easy to apply for your customer

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To discuss product and policy queries, or for advice on making an application, speak to your Clydesdale Bank and Virgin Money BDM.

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To discuss applications already submitted, please call 0800 917 8363.*

*Monday - Friday, 9.00am - 5.00pm, except Wednesdays, 9.30am - 5.00pm

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