Clydesdale Bank withdraws selected variable rates, launches other tax rates – Mortgage Strategy

Clydesdale Bank will withdraw selected variable-rate loans as it launches others next week.

The lender will make the following changes on Monday, October 6:

• Two-year discount offset product will be withdrawn, including 80% of LTV products, with loans less than £1m

• A new discount variable interest rate will be initiated to support the situation where the customer chooses a variable interest rate without the need for early repayment fees. New two-year discount for standard variable interest rates will start with loans of less than £1m

• For new buyers, offset variable investment housing loans will no longer be available as a sales product, with current interest rates of 7.49%

The bank told brokers in a note that if they apply for a product they are going to withdraw, they should send the application before 8 p.m. on Sunday, October 5.

From the week, the new discount variable rate will be used for the application.