Skip to content

We use cookies to keep our websites easy to use and relevant to our users’ requirements and to enable us to learn which advertisements bring users to our website. Select Accept below if you wish to proceed or How to change your cookies for instructions on how to manage your cookie settings. Find out more about our Cookie Policy.


Residential fixed rate - 5 years Interest Only BO1398

For loans up to 80% of property value

Product nameResidential fixed rate - 5 years Interest Only BO1398
Initial rate5.25%
Initial rate expires on
31st May 2029
Rate thereafterStandard Variable Rate, currently
9.49%
Overall cost for comparison8.20 APRC
Product fee£1,999
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

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 £1,000,001.

Maximum Loan Amounts are restricted by LTV criteria:

Loans up to £2,500,000 - maximum LTV 80% (no more than 75% LTV to be Interest Only)

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.

Remortgages Switching Package:

Free standard legals (excluding any fee charged by our preferred legal provider for transferring funds to the previous lender) and one free valuation.

Properties up to £3m – One free valuation. If the property to be mortgaged is currently unencumbered then a free valuation is available.

Two months personal bank statements required where the mortgage is £1,000,000 or above.

Maximum loan amount£2,500,000 - maximum LTV 80% (no more than 75% LTV to be Interest Only)
Maximum loan to value80%
Minimum loan amount£1,000,001
Early repayment charge5% in years one and two
4% in year three
3% in year four
2% in year five
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.

Find your BDMs

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

Chat now

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

Get in touch

Get in touch

For all lending policy and new business enquiries:

Contact us

You are here:  Products  >  Interest only mortgages