Following the decision by the Monetary Policy Committee on 15 December 2022 to increase the Bank of England Base Rate to 3.50%, we’ve made some changes. On 2 February 2023, we increased our Standard Variable Rate to 7.74%, our Offset Variable Rate to 7.95% and our Offset Variable Investment Housing Loan Rate to 8.24%.
What happens with pipeline cases or applications at offer stage
All Variable Rate Discounted Offset products have seen an increase to the interest rates from 2 February 2023 in line with the updated Variable Rate. All new revert-to-rates are live from 2 February 2023.
What happens with existing customers
Customers who are impacted by this rate change will be contacted to let them know of any changes to their mortgage.
Variable rate discounted offset products
Good news, we’ve increased the discount offered to Variable Rate Discounted Offset products by 0.50%, so that initial rates remain unchanged for new customers applying from 2 February 2023.
If you’ve got any questions, you can get in touch with your Business Development Manager.
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Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 177 Bothwell Street, Glasgow G2 7ER.
