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Platform pulls 90 per cent LTV deals as Clydesdale increases rates

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  • 07/09/2020
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Platform pulls 90 per cent LTV deals as Clydesdale increases rates
Platform has temporarily withdrawn high loan to value (LTV) products, as Clydesdale Bank has made a series of rate increases across its residential and buy to let mortgages.

 

Platform has temporarily pulled a raft of high LTV mortgages. 

This includes its fee-free five-year fix and 85 per cent LTV as well as its two- and three-year fixes at the same tier. 

The lender has also pulled its two-, three- and five-year fixed products at 90 per cent LTV after launching them at the end of last month. 

Only one 85 per cent LTV mortgage remains, which is the five-year fixed at 2.44 per cent and a product fee of £999. 

A spokesperson for the lender said: “We have temporarily withdrawn some of our mortgage products as we focus on completing the applications we have received to date.

“We’re seeing an unprecedented demand for our mortgages and we’re continually reviewing the products we have on sale to ensure we are balancing the volume of new lending requests with continuing to offer a high standard of service when processing applications.”

 

Clydesdale ups rates

Clydesdale has risen rates on two-, three- and five-year fixes by up to 0.44 per cent while interest-only mortgages and fixed rate products for loans above £1m have been increased by 0.15 per cent. 

Some of its professional and newly qualified professional products have gone up by 0.15 per cent too. 

Across its buy to let offering, Clydesdale has increased fixed rates by 0.15 per cent. 

For existing customers, 85 per cent LTV and 90 per cent LTV fixed rates have risen by up to 0.5 per cent. 

The bank has also withdrawn some of its mortgages. These include the exclusive 75 per cent LTV two-year fixed mortgage at 1.19 per cent and the buy to let two-year fixed purchase special at 75 per cent LTV.  

Clydesdale also removed the free valuation incentive for purchase products, excluding those in its fee offer ranges. 

A spokesperson said: “We’ve made changes to existing residential and buy to let rates to help service existing customers and manage pipeline applications.

“We keep our products under constant review and these changes will allow us to balance demand with providing the best level of customer service.”

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