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Clydesdale targets brokers with two-year fixes

Clydesdale Bank makes its first big push into the intermediary market this week with the launch of a selection of two-year fixes exclusive to Charcol.

The vanilla deal is available to all borrowers and is fixed at 4.49% (5.7% APR).

There is also a remortgage deal fixed at 4.69% with free valuation and free legals. Both come with early redemption charges for the first two years and the facility to overpay by up to 10% each year.

Although Clydesdale hasn&#39t been out of the intermediary market officially, lending levels via the broker market have been low for some time.

But a new intermediary experienced team have recently been recruited to parent National Australia Bank, including chief executive John Stewart and former managing director of The Woolwich Lynne Peacock, who is an executive director, as well as The Woolwich&#39s former head of intermediary sales, Dean Cutbill.

Ray Boulger, senior technical manager at Charcol, says: “These deals offer exceptional value to both purchasers and remortgagers.

“Given that we have recently seen a number of lenders either pull their cheapest fixes or reprice them upwards, these products come as a welcome reprieve for borrowers looking to fix their loan.

“We expect these deals to be very popular therefore anyone looking to fix their mortgage now should certainly take advantage of these fixes while they can.”

The vanilla two-year fix is available to both purchasers and remortgagers. Key features are:

Rate: 4.49% (5.7% APR) fixed for two years

Max LTV: 85% (MIG-free)

Lender fee: £395

Charcol booking fee: £75

Early redemption charges: 3%/2% in two years (can repay up to 10% p.a. penalty free)

Min loan: £100,000

Interest calculated: Daily

Key features of the fees-free remortgage only deal include:

Rate: 4.69% (6.0% APR) fixed for two years

Max LTV: 85% (MIG-free)

Lender fee: £395

Charcol booking fee: £75

Early redemption charges: 3%/2% in two years. (Can repay up to 10% p.a. penalty free)

Min loan: £100,000

Incentives: Free valuation and free legals

Interest calculation: Daily

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