Clydesdale Bank and Yorkshire Bank have both announced that they are cutting the cost of some of the mortgages they offer, following another cut in the Bank of England base rate this month.
Both banks share the same parent bank – the National Australia Bank group – which has cut the mortgage
rates available from both lenders.
The interest rates have been reduced on a range of Clydesdale and Yorkshire Bank mortgage products, including their fixed rate mortgages
, offset mortgages
and flexible payment mortgages. Two year fixed rate mortgages
have fallen in price, from 3.99 per cent to 3.79 per cent for customers with a 40 per cent deposit, and from 4.49 per cent to 3.99 per cent for those with a 20 per cent deposit. Takers of it's 60 per cent Loan to Value deal will also see the arrangement fee reduced by £1,000.
Other mortgages which have had their rates cut include its five year fixed rate mortgages
, and its flexible mortgage
Clydesdale and Yorkshire are now also offering first time buyer mortgages at 6.99 per cent, requiring a deposit of just five per cent and a fee of £599.
"At Clydesdale Bank we are focused on providing innovative and competitive products and this latest cut in our mortgage rates underlines that commitment," said Steve Reid, retail director Clydesdale Bank.
Gary Lumby, head of retail at Yorkshire Bank
, said: "We will work with all our customers to find the correct mortgage to suit their individual needs whilst continuing to deliver the high level of service that our customers have grown to expect."
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