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Residential fixed rate - 2 years Interest Only BO1376

For loans up to 80% of property value

Product nameResidential fixed rate - 2 years Interest Only BO1376
Initial rate5.62%
Initial rate expires on
31st May 2026
Rate thereafterStandard Variable Rate, currently
9.49%
Overall cost for comparison9.20% APRC
Product fee£1499
Option to add product fees to mortgageThe product fee can be added to the loan, unless it takes a residential loan over 95% LTV or a BTL loan over 80% LTV.
Legal and Valuation Fees

Purchases: None

Re-mortgages: Free valuation and free legal fees (if using bank's own solicitors)

Eligibility

Applicants must be aged 18 or over. All loans are subject to status. Security will be required. This product is only available for remortgages

Maximum loan amount

Where any part of the mortgage is Interest Only this product is to be used for both the Interest Only and Capital & Interest elements.

Loan Amounts:

The minimum loan size is £500,000.

The maximum loan size is £1,000,000

The max. LTV is 80% (No more than 75% may be on an Interest Only basis)

Where any element of the loan is interest only, the following criteria applies:

Maximum Term Capital and Interest: 40 years

Maximum Term Interest Only or Part and Part: 35 years

Minimum Property Value £400,000

Minimum Income: £75k sole or £100k joint

Maximum age & retirement: If downsizing is used as a repayment strategy, the maximum age is 70 and lending in/into retirement is not allowed.

Other Information

Please note that income multiples are maximums and are given as a guide only - we will use our own affordability calculations, taking into account the applicants individual circumstances to arrive at the final lending decision.

Remortgage: One free valuation for properties up to £3m Free standard legals (excluding any fee charged by our preferred legal provider for transferring funds to the previous lender) for properties up to £2m

Properties over £3m – No incentives

All incentives are subject to qualifying criteria being met

Maximum loan to value80%
Minimum loan amount£500,000
Early repayment charge3% in year one
2% in year two
Special offers

Purchase or Unencumbered: None

Remortgage: One free valuation for properties up to £3m.

Overpayment permittedYes, up to 10% of outstanding loan each year without penalty. After the fixed period you can make over payments without any restrictions.
Apply now

 

Quick links

Our online application makes it quick and easy to apply for your customer

Apply online

To discuss product and policy queries, or for advice on making an application, speak to your Clydesdale Bank and Virgin Money BDM.

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For quick info on our products or lending policy, visit our product and lending criteria pages or use our live chat.

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To discuss applications already submitted, please call 0800 917 8363.*

*Monday - Friday, 9.00am - 5.30pm, except Wednesdays, 9.30am - 5.30pm

Procuration fee enquiries

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