Mortgage News
Clydesdale Bank reduces product transfer rates
Clydesdale Bank has made rate cuts to its product transfer range for existing customers.
Now, its two-year fixed product transfers begin at 4.4 per cent with a £499 fee and 4.6 per cent with no fee.
The five-year fixes have rates beginning from 4.02 per cent with a £499 fee or 4.17 per cent for a fee-free option.
Richard Walker, head of intermediary sales at Virgin Money said: “We’re pleased to announce that we’ve made reductions to our Clydesdale Bank retention rates which are available to existing customers.
“Our products provide customers with a great opportunity to secure a new fixed rate.”
This follows the lender increasing its variable revert rate which would be paid by any borrowers coming off a fixed rate without refinancing. This rose from 7.74 per cent to 8.24 per cent, with respect to the increase of the Bank of England’s base rate in February.
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