For loans up to 80% of property value
| Product name | Residential fixed rate - 5 years Interest Only BO1398 |
| Initial rate | 4.71% |
| Initial rate expires on | 31st January 2030
|
| Rate thereafter | Standard Variable Rate, currently 8.24% |
| Overall cost for comparison | 7.20 APRC |
| Product fee | £1,999 |
| Option to add product fees to mortgage | The 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 | Where any part of the mortgage is Interest Only this product is to be used for both the Interest Only and Capital & Interest elements. Loan Amounts: The minimum loan size is £1,000,001. Maximum Loan Amounts are restricted by LTV criteria: Loans up to £2,500,000 - maximum LTV 80% (no more than 75% LTV to be Interest Only) Where any element of the loan is interest only, the following criteria applies: Maximum Term Capital and Interest: 40 years Maximum Term Interest Only or Part and Part: 35 years Minimum Property Value £400,000 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. Other Information Please note that income multiples are maximums and are given as a guide only - we will use our own affordability calculations, taking into account the applicants individual circumstances to arrive at the final lending decision. Remortgages Switching Package: Free standard legals (excluding any fee charged by our preferred legal provider for transferring funds to the previous lender) and one free valuation. Properties up to £3m – One free valuation. If the property to be mortgaged is currently unencumbered then a free valuation is available. Two months personal bank statements required where the mortgage is £1,000,000 or above. |
| Maximum loan amount | £2,500,000 - maximum LTV 80% (no more than 75% LTV to be Interest Only) |
| Maximum loan to value | 80% |
| Minimum loan amount | £1,000,001 |
| Early repayment charge | 5% 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 permitted | Yes, up to 10% of outstanding loan each year without penalty. After the fixed period you can make over payments without any restrictions. |
| Apply now |
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Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 177 Bothwell Street, Glasgow G2 7ER.
