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Clydesdale and Yorkshire cut mortgage rates

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The sister banks are now offering fixed rate mortgages from as low as 2.09%.

The lenders – both owned by the National Bank of Australia – have made the reductions on two- and five-year fixed rates.

Four of the six new products are also fee-free. The new range includes a fee-free two-year fix at 2.09% for borrowers with a 25% deposit.

A five-year fixed rate product is on offer at 2.89%, also up to 75% loan-to-value.

Full list of new products:

Two-year fix, 2.09%, up to 75% loan-to-value, no fee

Two-year fix, 2.19%, up to 80% loan-to-value, no fee

Five-year fix, 2.89%, up to 75% loan-to-value, no fee

Five-year fix, 3.09%, up to 80% loan-to-value, no fee

Two-year fix, 2.49%, up to 90% loan-to-value, £999 fee

Five-year fix, 3.49%, up to 90% loan-to-value, £999 fee

Steve Fletcher, director of retail banking, said the banks were moving to make their range more competitive.

“We’ve reduced rates for customers looking to remortgage and it’s a great time to find out what Clydesdale and Yorkshire banks have to offer,” he said. “As well as low rates, many of our mortgages come without arrangement fees, funds transfer, valuation or legal fees.”

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