Clydesdale Bank pulls their interest-only Low Start mortgages

by Aaron Strutt

Jan 23 2014

Clydesdale Bank has withdrawn their range of interest-only Low Start mortgages designed to help borrowers onto the property ladder.

The lender's lowest Low Start mortgage was fixed for three-years at 2.59% on an interest-only basis. After the fixed rate period the mortgage reverted to the lender's standard variable rate on full capital repayment.

Aaron Strutt, product manager at Trinity Financial, says: “It's a shame this mortgage has been withdrawn as it was a great idea. Clydesdale was not receiving as many applications as they would have liked, especially with the amount of compliance required to process these mortgages.”

There are still lenders happy to offer interest-only mortgages, although they can be harder to qualify for if you don't have a large enough deposit.

For help to secure an interest-only mortgage, call us on 020 7016 0790

January 22, 2014