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Mortgage calculator
Our calculators will help you plan and budget
How much can you borrow?Doing more for first time buyers
Fee free mortgages that require as little as a 5% deposit, saving you a minimum of £599
Our best ever first time buyer package
- We'll pay your arrangement fee on a range of mortgages, including our 95% loan to value
- No valuation fees, if you take out one of our 3 Year Fixed mortgages specifically created for first time buyers
- Use Our Guide and Your Questions Answered below to help you make the right decision
- A better way to grow savings for your first home with our Regular Home Saver Account
- Take advantage of our discounted Home Insurance where first time buyers will qualify for a 15% discount.*
* (The 15% discount is based on a 5% introductory discount and a 10% 2 year introductory No Claims Discount where customers have not previously held either Building or Contents Insurance.)
| Mortgage | Max loan to value | Initital rate | Until | Rate thereafter (variable) | Overall cost for comparison | Arrangement fee | |
|---|---|---|---|---|---|---|---|
| 3 year fixed rate | 90% | 4.99 % |
31st July 2015 | 4.95 % |
5.2 % APR |
£ 599 £0 |
More info › Enquire online › Calculate › |
| 3 year fixed rate | 95% max | 5.99 % |
31st July 2015 | 4.95 % |
5.5 % APR |
£ 599 £0 |
More info › Enquire online › Calculate › |
As part of our fee free limited time offer, as well as the first time buyer mortgages above, you can save up to £999 on your arrangement fee by choosing from our wider range of fixed rate term mortgages, if you have a larger deposit saved up.
Or pay no arrangement fee on an offset mortgage saving up to £999. With this type of mortgage, you can offset the credit balances in your current and savings account with your mortgage and you'll only pay interest on the difference between your balances.
A guide to buying your first home
Useful hints, clever tips, to help you make the right decision.
If you’re looking to buy a home for the very first time, you don’t have to do it alone. Talk to our dedicated advisers and you’ll enjoy expert help every step of the way.
From saving for your deposit and finding the right mortgage, to making sure you and your home are protected from the unexpected, we’re here to make sure your first move’s a smart one.
Step 1.
Work out your budget.
The first thing to do when you’re starting out in the property market is set yourself a budget. Owning a home is a serious commitment and you need to be realistic about what you can afford.
Step 2.
Improve your chances of getting credit approval.
Step 3.
Save up for your deposit.
Once you’ve got an idea of the kind of price range you should be looking at, you need to get your deposit together. The good news is we’ve got the perfect tool for the job.
Step 4.
Don’t forget…
…you’ll also need to save enough to cover a number of extra expenses associated with buying your own home:
Step 5.
Make your move with a choice of first time buyer mortgages.
Mortgages can be confusing but we’re committed to helping you get the right one. What’s more, we could even help you get your foot in the door sooner, with deposits required from as little as 5%. Of course, it all depends on your individual circumstances. But whichever one you do choose, you can take advantage of:
Step 6.
Taking out a mortgage with us is easy.
Not sure where to start? We can guide you through every step of the way.
The future availability of 90% and 95% LTV mortgages from Clydesdale Bank cannot be guaranteed. If our maximum LTV is lower e.g. 80%, you will require a deposit of 20% but you will still qualify for £1,000 cash back.
* Over 13 consecutive months if you have utilised the payment holiday option in any 12 month period.
** Property value is defined as the lower of the purchase price or mortgage valuation.
# Loan to Value means the ratio of the amount you wish to borrow against the property value you are purchasing.
- Do I need a deposit?
- How much can I borrow? How do I get an exact figure?
- Do I need to have a property in mind before I go ahead with a mortgage application?
- What is loan to value?
- Can the fees be added onto the borrowing?
- Do you offer guarantor mortgages?
- How does a fixed rate mortgage work?
- What information would you need to consider me for a mortgage?
Do I need a deposit?
Yes - usually you will need to meet part of the purchase price from your own funds. The amount of deposit you need depends on the loan to value limit of the type of mortgage you choose. Loan to value (LTV) is simply the amount you need to borrow, expressed as a percentage of the value of the property you want to buy.
So if you need to borrow £90,000 to buy a home valued at £100,000, your loan to value would be 90%.
At present you would require a minimum of 5% deposit against the property value or purchase price, whichever is the lower figure. However there are other costs to keep in mind when considering how much you need to save; you'll need money to cover costs such as solicitor's fees, stamp duty land tax and any other costs incurred in moving to your new home.
Please note that New Build Houses have a maximum loan to value of 90%, while New Build Flats carry a 70% maximum. Any property that’s less than 3 years old would be classed as a New Build.
How much can I borrow? How do I get an exact figure?
It’s all about affordability – not simply your salary. So we look at your income and your expenses, then work out how much you can reasonably afford to pay each month for your mortgage.
A rough guide to this is shown by using our Mortgage Affordability Calculator at the top of this page. If you are in any doubt please submit an online enquiry.
To obtain an indication of how much you could borrow you would be required to go through an appointment with one of our Mortgage Advisors. This would involve an affordability assessment as well as a credit score. Following this we will be able to provide you with an indication of whether we would be able to proceed with the application and how much we would be able to lend, subject to a suitable valuation. If you would like to proceed with this please submit an online enquiry.
Do I need to have a property in mind before I go ahead with a mortgage application?
No, we can go through the initial appointment without a specific property in mind in order to let you know exactly how much we would be willing to lend, subject to an appropriate valuation as well as additional terms and conditions.
What is loan to value?
Loan to value (LTV) is simply the amount you need to borrow, expressed as a percentage of the value of the property you want to buy.
So, if you need to borrow £90,000 to buy a home valued at £100,000, your loan to value would be 90%.
Can the fees be added onto the borrowing?
The arrangement fee, which covers the costs involved in setting up your mortgage, can be added onto the mortgage as long as this does not bring the total lending above the maximum Loan To Value for the product.
For first-time buyer applications the first standard valuation is instructed and paid for by the bank. Any subsequent valuation fee will require to be paid prior to the valuation being carried out but can be refunded upon completion of the drawdown of the funds and added to the borrowing at that point. Again, this is only possible if the extra borrowing does not exceed the loan to value for the chosen product.
The legal fees are paid directly to your chosen solicitor and, as such, cannot be included in any borrowing.
Do you offer guarantor mortgages?
Unfortunately we don’t offer guarantor mortgages. However we do allow up to 4 applicants including partners, friends or parents, to take out a mortgage, and we could take each applicant’s salary into account.
How does a fixed rate mortgage work?
Our range of fixed rate products are designed with stability in mind. For the length of the fixed term chosen the interest rates are guaranteed– this means your payment will remain the same throughout.
At the end of this term, unless you then change your type of mortgage, your rate would automatically transfer onto our Standard Variable Rate.
What information would you need to consider me for a mortgage?
If you are a permanent employee
As a minimum we would look for at least 6 months employment in your current position. In addition to this we would also require that you are not in any probationary period within your current role.
If you work on a permanent contract
If you have been in your current job for at least the last 6 months we may be able to lend on this basis.
If you work on a fixed term contract
You must have been in continuous employment for the past two years and have at least 12 months remaining on the current contract.
If you work on a renewable contract
If the contract length is a minimum of 6 months and has been renewed at least once then we may be able to lend on this basis.
If you are self employed
You must have been in business for at least 3 years and you have 3 years business accounts available. Please submit an online enquiry for a callback to discuss further.
Temporary contracts, such as seasonal work, would not be considered for lending on this basis.
Written quotations are available on request
Applicants must be aged 18 or over, have never had a mortgage or have not had a mortgage for the past 12 months. Offer excludes second property mortgages, Investment Housing Loans, bridging facilities, interest only mortgages and Current Account Mortgages.
The maximum Loan to Value (LTV) for interest only where the repayment strategies meet the Bank’s criteria and can be evidenced is 75%. If the repayment vehicle is either cash savings or downsizing, the maximum LTV will be 50%.