Clydesdale Bank and Virgin Money launch best buy rates from 1.19% and stamp duty mortgage offer guarantee

by Aaron Strutt

Dec 17 2020

Mortgage lenders have lowered the cost of their cheapest rates over the last few weeks as they aim to end the year on a high.

Clydesdale Bank is topping the mortgage best buy tables with a leading 1.19% purchase and remortgage rate fixed until 31 January 2023. Applicants will need a 25% deposit to qualify, and the arrangement fee is £1,999. The APRC is 4%, and the rate reverts onto the lenders 4.55% standard variable rate unless borrowers act to switch deals.

Clydesdale's sister company Virgin Money is offering a great longer-term remortgage rate at 1.29%, which is fixed until 1 March 2026 and it has a 3.1% APRC. Applicants will need a 35% deposit to qualify, and there is a £1,495 arrangement fee. The maximum loan size is £1 million, and the mortgage reverts onto the lenders 4.34% standard variable rate.

Aaron Strutt, product director at Trinity Financial, says: “Many borrowers are looking to take advantage of the tax-break on house purchases and there is pressure across the mortgage industry to produce prompt mortgage offers. 

"Clydesdale has launched a new service commitment where the bank is offering to provide customers with £200 cashback if a mortgage offer is not provided by Friday 29th January when a correctly submitted mortgage application is submitted between the 14 December 2020 and 15 January 2021."

A typical purchase case can complete within eight weeks of receiving a mortgage offer so a service commitment gives customers some confidence they should receive their offer with enough time to complete on their purchase.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation