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Bank of Ireland cuts high LTV rates, Clydesdale shrinks BTL range – round-up

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  • 11/11/2020
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Bank of Ireland cuts high LTV rates, Clydesdale shrinks BTL range – round-up
Bank of Ireland and Post Office for Intermediaries have cut rates on some of their highest loan to value (LTV) new business products.

 

Bank of Ireland has cut both its two-year and five-year fixes at 85 per cent LTV with £995 fee to 3.11 per cent – down from 3.23 per cent and 3.29 per cent respectively.

Meanwhile, the Post Office products at 85 per cent LTV with a £1,495 fee have both been cut to 3.07 per cent – down from 3.13 per cent for the two-year and 3.26 for the five-year deals respectively.

 

Clydesdale

Meanwhile, Clydesdale Bank has made several product changes including as major withdrawal of buy-to-let (BTL) products.

The overhaul has left it with just seven new business buy-to-let products, only one of which is available at 60 per cent LTV and that is restricted to London and the South East.

The lender has also stopped accepting non-sterling income for non-regulated buy-to-let mortgages, a move replicated by its sister bank Virgin Money.

As part of the BTL cull, Clydesdale removed all BTL three-year fixes and all fee-free two-year and five-year fixes at 60 per cent LTV.

It also increased the 60 per cent LTV large BTL loan two-year fix to 2.19 per cent.

But a 75 per cent LTV two-year fix with £1,999 fee at 2.59 per cent was introduced.

From its residential range, Clydesdale withdrew three-year fixes for newly qualified professionals.

However, it introduced new two-year and five-year fee-free products at 75 per cent LTV and a five-year fix at 85 per cent LTV at 3.19 per cent.

It also increased rates on product transfers at 75 per cent, 85 per cent and 90 per cent LTV.

 

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