Clydesdale Bank targets FTBs with fixed rate mortgage

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Clydesdale Bank targets FTBs with fixed rate mortgage

A new fixed rate mortgage from Clydesdale Bank allows people to apply for home finance with just a five per cent deposit.

The low loan-to-value rate identifies this as a product aimed squarely at first-time buyers.

Retail director at the firm Steven Reid stressed the lender has been prudent during the design process and suggested the option highlights the variety of mortgages available.

He said: "We understand how difficult it can be to buy your first home and we want to support customers throughout the process and help them take their first step."

The Clydesdale Bank three-year fixed rate mortgage is available at 6.99 per cent interest with an arrangement fee of £599.

After the initial term, customers will automatically be switched to the standard variable rate.

Last week, Clydesdale Bank issued a response to criticism from Consumer Focus regarding miscalculation of mortgage payments, saying its position remains unchanged in spite of a new report by the Financial Ombudsman.

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