Launching across the banks’ retail branch and direct networks from tomorrow, the rate for first time buyers with just a 5% deposit has been cut by 50 bps, from 5.49% to 4.99%.
A new Loan-to-Value tier at 90% is also being introduced, priced at 3.99%.
First time buyers taking the new 3 year fixed rate deals will also benefit from the banks’ current offer of no arrangement fee, saving £999, free standard valuation and £250 cashback on completion.
Andrew Pearce, Retail Director for Clydesdale Bank, said:
“We are long-time supporters of first time buyers with lower deposits having kept 95% loans available when others withdrew theirs. We have focused on proper underwriting, good affordability measures and consideration of individual circumstances.
“Our new 95% First Time Buyer Mortgage is simple; one loan, one rate, no arrangement fee. Plus there’s the added benefit of a free valuation and £250 cashback. This underlines our on-going commitment to playing our part in a healthy, sustainable housing market.”
