Clydesdale Bank and Accord Mortgage have announced cuts to a range of their mortgage rates, offering some relief to those looking to buy or remortgage.
From tomorrow, July 2nd, Clydesdale Bank is slashing rates across its residential and buy-to-let (BTL) products by as much as 73 basis points (bps). That translates to a potential saving of £730 per year on a £100,000 mortgage.
Here’s a breakdown of Clydesdale Bank’s changes:
Buy-to-Let Mortgages:
- Fixed-rate deals: Rates on two and five-year fixed-rate mortgages will be reduced by up to 73bps.
- New fixed-rate fee option: Landlords will now have access to new fixed-rate products with a £3,999 fee.
Residential Mortgages:
- Lower deposit mortgages: Rates for those with a 65% to 75% loan-to-value (LTV) will see reductions of up to 15bps, with rates starting from 4.44%.
- Small deposit mortgages: 95% LTV mortgages will see a 20bps reduction, with rates now starting at 5.34%.
- Professional mortgages: Selected mortgages for professionals and newly qualified professionals will be reduced by up to 38bps.
- Exclusive mortgages: Remortgage rates will be cut by up to 15bps (starting at 4.52%), while purchase mortgages see reductions of up to 18bps (starting at 4.61%). The maximum loan size for these exclusive purchase deals has been increased to £2.5 million.
- Large mortgages: The loan band for residential large loan exclusives at 65% and 75% LTV has been widened, and these deals are now available from £750,000 to £2.5 million.
Clydesdale Bank has also extended the end dates for these offers to October of the relevant year.
Accord Mortgages is also making BTL mortgages more affordable with rate cuts across selected products:
- Two-year fixed-rate deals: Reductions between 5bps and 40 bps, with the exception of 80% LTV products.
- Three-year fixed-rate deals: Cuts between 10 bps and 20 bps, excluding 80% LTV products.
- Two-year tracker rates: A reduction of 5bps on all deals except 80% LTV products.
Accord has also extended the end dates for its offers to the end of October.