Compare Mortgage Rates from Clydesdale Bank Against the Market

Who are Clydesdale Bank?

As part of the Virgin Money group, Clydesdale Bank provides a full suite of banking services across the UK, with strong roots in Scotland. In the mortgage market, they are known for their broad product range and for serving a wide spectrum of customers, including newly qualified professionals. They operate a multi-channel service, allowing customers to apply directly online, over the phone, in a branch, or through a mortgage intermediary (broker).

What types of mortgages does Clydesdale Bank offer?

Clydesdale Bank provides a comprehensive range of mortgage products that cater to most borrowing needs.

• Residential Mortgages: They offer a full range of products for first-time buyers, home movers, and those looking to remortgage, including various fixed-rate and tracker options.

• Professional Mortgages: A key specialism for the bank, these mortgages are aimed at newly qualified professionals (like accountants, doctors, lawyers, and architects). They often feature higher income multiples, allowing professionals to borrow more based on their future earning potential.

• Buy-to-Let Mortgages: They provide mortgages for landlords and property investors, catering for both the purchase of new rental properties and the remortgaging of existing portfolios.

• Large Loans: For high-net-worth clients, they have a dedicated service for mortgages over £1 million, offering bespoke underwriting and tailored rates.

Clydesdale Bank's Lending Criteria: Who do they lend to?

As a major lender, Clydesdale Bank has a robust set of lending criteria, but also offers flexibility in certain areas.

• Income Multiples: For most borrowers, they lend around 4.5 times income. However, for their Professional Mortgage range, this can be extended up to 5.5 times income for those in qualifying professions earning over a certain threshold.

• Self-Employed: They have a positive approach to self-employed applicants, including sole traders, partners, and company directors, typically requiring two years of accounts or tax calculations.

• Contractors: Day-rate contractors are also considered, with affordability often calculated based on an annualisation of their day rate.

• Credit History: As a mainstream lender, they generally require a good credit history. Applicants with significant recent adverse credit may find it difficult to be accepted.

• Deposits: They offer mortgages up to 95% Loan-to-Value (LTV) for residential purchases, meaning a deposit of as little as 5% is required for certain products.

What do customers say about Clydesdale Bank?

Customer reviews for Clydesdale Bank are often mixed, which is common for a large banking institution. While part of the modern Virgin Money group, some reviews point to more traditional banking processes. Positive feedback often centres on their competitive interest rates and the specialist knowledge of their mortgage teams, particularly regarding professional mortgages. It's always advisable to check current reviews on platforms like Trustpilot or Smart Money People for the most up-to-date customer sentiment.

Pros and Cons of a Clydesdale Bank Mortgage

Pros:

• Excellent for Professionals: Their Professional Mortgage range with enhanced income multiples is a market-leading proposition.

• Competitive Rates: As part of a large banking group, they often offer very competitive interest rates.

• Wide Product Range: They cater to a broad spectrum of borrowers, from first-time buyers to million-pound-plus portfolio landlords.

• Flexible Application Routes: You can apply directly through various channels or use a mortgage broker.

Cons:

• Stricter Credit Scoring: Compared to specialist lenders or smaller building societies, their automated credit scoring can be less forgiving of past credit issues.

• Customer Service Variability: Service levels can be inconsistent, a common issue for large banks with multiple departments and call centres.

How to apply for a Clydesdale Bank mortgage

Clydesdale Bank offers multiple routes for mortgage applications:

• Directly: You can apply online through their website, over the phone, or by making an appointment at a branch.

• Through a Mortgage Broker (recommended): You can also use an independent mortgage adviser who can manage the application on your behalf.

Get started here to book a free, no-obligation chat with a mortgage broker who specialises in Clydesdale’s product range and can help you determine whether they’re right for you.