Compare Clydesdale Bank mortgages
Whether you are a first time buyer, moving home, need to increase your borrowing or are looking to invest in a buy to let property, Clydesdale have mortgage products that could be an ideal fit.
First Time Buyer mortage
Because many first time buyers struggle to get together a sizeable deposit for a property, Clydesdale Bank (amongst other) offer mortgages to first time property purchasers with deposits of just 5-10% of their new home’s value. Some providers also allow close relatives to help by using their own homes as security towards a first time buyer mortgage.
Buy to Let mortgage
Clydesdale offer mortgages of up to 80% of a property’s market value for buy to let purposes. How much you can get will depend on a number of factors and the property’s monthly rental income may also be taken into account.
Some lenders want the monthly rent to equal at least 125% of the mortgage’s monthly interest payments.
Remortgaging with Clydesdale Bank
Remortgaging can allow you to get a better deal on your mortgage so you reduce your monthly payments. It can also allow you to borrow more, so you have a lump sum left after you pay off your old mortgage.
Second charge mortgages
It may not always be a good idea to remortgage if you want to borrow more. If you currently have a good deal on your existing mortgage, it may be cheaper to take out a second, separate secured loan. This is often referred to as a second charge mortgage and can allow you to borrow up to 90% of your home’s value, in combination with your existing mortgage.
Loan to value ratio
Most people know that their income will affect how much they can borrow, but another key factor is your loan to value (LTV) ratio.
This is a measure of what percentage of your property’s value you wish to borrow as a mortgage.
So, if you wanted to borrow £50,000 on a property worth £100,000, you would have an LTV of 50%. If you later wanted to increase your borrowing, for example with a second charge mortgage, both your existing and new loan will be factored into your new LTV.
In most cases, mortgage providers will tend to offer lower rates on mortgages with a lower LTV.
Find the best deals on mortgage rates
Picking the right mortgage for you from all the different offers on the market can be a challenge.
Our mortgage calculator makes things much simpler by allowing you to see some of the best offers from various providers that match your requirements.
All you have to do is put in some basic information, including how much you need to borrow, how long for and why you need the money and we will show you a great range of appropriate deals. Simply head to the top of the page to give it a try.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Clydesdale Bank mortgages as well as other lenders.