Clydesdale Bank is reducing interest rates across a range of its residential mortgage products this week, offering some respite to homebuyers and existing borrowers.

From Wednesday 30 April, selected residential two and five-year fixed rates for loans between 65% and 75% loan-to-value will fall by up to 15 basis points (bps). The changes will apply to the bank’s core residential range, including product transfers.

Exclusive products will also see reductions, with residential 90% loan-to-value two and five-year purchase exclusives cut by up to 10bps. Selected large loan exclusives for loans between 65% and 75% loan-to-value, as well as 50% large loan exclusives, will be lowered by up to 15bps. Rates for existing customers transferring products under exclusive deals will similarly fall by up to 15bps.

However, not all borrowers will benefit from the changes. Clydesdale also confirmed that selected buy-to-let rates will increase. Core buy-to-let two and five-year fixed rates at 60% and 75% loan-to-value will rise by up to 9bps.

Brokers submitting applications for the affected buy-to-let products were advised to do so by 8pm today to secure the current lower rates.