Clydesdale Bank, one of the UK’s leading banks, has recently announced an increase in its maximum loan-to-value (LTV) ratio and a rise in interest rates. The changes, which will take effect on 1st April 2021, are part of the bank’s efforts to ensure that customers are able to access the best possible borrowing terms.
The maximum LTV ratio for Clydesdale Bank customers has been increased from 75% to 85%. This means that customers can now borrow up to 85% of the value of their property, making it easier for them to access the funds they need. The bank has also raised its interest rates, with the new rates ranging from 3.99% to 5.99%.
The changes are part of Clydesdale Bank’s commitment to providing customers with competitive borrowing terms. The bank has also made a number of other changes in recent months, such as increasing its maximum loan amount and introducing a new online application process.
The changes made by Clydesdale Bank are likely to be welcomed by customers, as they will make it easier for them to access the funds they need. However, customers should be aware that the increased LTV ratio and higher interest rates may mean that they have to pay more in interest over the course of their loan.
Clydesdale Bank is committed to providing customers with the best possible borrowing terms and these changes are part of that commitment. Customers should take the time to consider their options carefully before taking out a loan, as the terms and conditions may vary from lender to lender.