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Clydesdale and Santander raise rates – round-up

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  • 03/03/2022
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Clydesdale and Santander raise rates – round-up
Both Santander and Clydesdale Bank announced a raft of changes in their interest rates on residential and buy-to-let products.

Clydesdale said its new charges for residential and buy-to-let products would take effect on Thursday evening while Santander said the increases across its new business range would start on Friday.

 

Clydesdale

Clydesdale had informed brokers that it was raising rates for residential and buy-to-let products, as well as its £1m-plus two and five-year fixed rates by as much as 0.25 per cent.

The lender said its core 75 per cent loan to value (LTV) two and five-year fixed rates will be increased by up to 0.09 per cent. Selected professional and newly qualified professional two and five-year fixed rates will increase by up to 0.26 per cent.

Meanwhile two-year fixed buy-to-let deals at 60 per cent LTV will rise to 1.89 per cent.

It urged brokers considering one of its products for clients to apply as soon as possible.

 

Santander

Santander reintroduced residential mortgages at 60 per cent LTV and said some two and five-year fixed rate products would be matched at 60, 75 and 85 percent LTV.

The £250 cashback incentive offered on two and five-year fixed residential mortgages will now be removed on the majority of applicable products and the bank has “temporarily” withdrawn all its residential fixed rate remortgage offers that carried no product fee.

In addition, it said the LTV limit on larger loans was being reduced to 70 per cent.

For remortgages, its 75 per cent LTV, two-year fixed rate will rise 0.15 per cent to 2.09 per cent; its 85 per cent LTV, two-year fixed rate will shift to 2.14  per cent, up 0.15 per cent; its 75 per cent LTV, five-year fixed rate will increase by 0.10 per cent to 2.09 per cent; and its 85 per cent LTV, five-year fixed rate goes up to 2.14 per cent, or 0.10 per cent higher. All require a £999 fee.

Similar increases were in store for help to buy loans.

For example, Santander’s 75 per cent LTV, two-year fixed rate will rise 0.15 per cent to 2.29 with no fee; its 75 per cent LTV, 2.5-year fixed rate will jump 0.15 per cent to 2.14 per cent with a £999 fee and £250 cashback removed. The 75 per cent LTV, five-year fixed rate will go up 0.10 per cent to 2.14 per cent with a £999 fee and £250 cashback removed; and its 75 per cent LTV, five-year fixed rate with no fee will increase by 0.10 per cent to 2.29 per cent.

Santander also announced increases across its larger loan, new-build and buy-to-let ranges and said it would withdraw two and five-year fixed buy-to-let deals at 60 and 75 per cent LTV.

The lender said full details on its new business mortgage range would be available on its website on Friday.

 

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