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Mortgage options for first time buyers

Your home may be repossessed if you do not keep up repayments on your mortgage

Choosing the right mortgage product

We offer first-time buyers a mortgage that can help them get onto the property ladder.

We offer no arrangement fee, no funds transfer fee and one free standard valuation on specific first time buyer mortgages.

Features of our first-time buyer mortgages

To qualify for a Clydesdale Bank first time buyer mortgage, you must be aged 18 or over. At least one party to the mortgage should never have had a mortgage or not had a mortgage in the last 12 months. All loans are subject to status and security will be required. Minimum 5% deposit if you're eligible to apply. Features include:

  • 5% deposit, 95% loan-to-value or 10% deposit, 90% loan-to-value*
  • No arrangement fee
  • Cashback
  • Expert advice
  • Fixed interest rates available
  • Home insurance discount - Get a no claims discount on our home and contents insurance, provided by RSA.**

*The loan-to-value ratio is the amount of your mortgage divided by the purchase price or mortgage valuation figure (whichever is lower).

** Applies to new home insurance customers who have not claimed on their home insurance in the past 4 years and may not be used in conjunction with any other offer.

Representative example

A mortgage of £100,680 payable over 34 years, initially on a fixed rate of 2.89% for 3 years and then our Standard Variable Rate, currently 4.70%, for the remaining 31 years. This would require 38 monthly payments of £387.92 and then 369 monthly payments of £486.34 plus one final payment of £492.95.

The total amount payable would be £194,888.37 made up of the loan amount plus interest (£94,013.37), arrangement fee (£0), valuation fee (£0), CHAPS/telegraphic transfer fee (£0) and security release fee (£195).

The overall cost for comparison is 4.4% APRC representative.

You’re also free to apply for any of our other mortgages if you think that they offer a better match for your circumstances. The only thing to note is that the rewards package we offer first-time buyers is only available with our first-time buyer mortgages. Have a look at our first-time buyer mortgages.

Use our mortgage calculator to calculate your estimated monthly mortgage repayments.

We also have a first-time buyer guide to give you a better idea of all the things you need to consider to make your home buying journey as simple and stress-free as possible.

Different mortgages explained

There are a huge number of mortgages available nowadays. Our dedicated mortgage advisors can help you choose a mortgage to fit your personal circumstances. Some of the mortgages we offer are explained below.

Fixed-rate mortgages

These offer a rate of interest that is fixed for a set period of time. You can normally choose two, three or even five years as your fixed period. This means that during the fixed rate period you’ll not have to worry about interest rate changes. So you can plan confidently knowing what your monthly repayments will be throughout the fixed period of your mortgage. Repayments may be considerably higher when the fixed rate period ends. Check out a list of Clydesdale Bank first time buyer mortgages.

Discounted standard variable rate mortgages

These are mortgages based on the standard variable rate mortgage but they offer a discount. The rate you pay will still fluctuate based on your provider’s standard variable rate but your discount will normally offer you a better rate for a fixed period, usually between two and five years. They can be useful for people starting out on the housing ladder. But always be aware that the discounted rate will end and make sure you know what you’ll do when this happens. Repayments may be considerably higher when the discounted rate period ends.

Offset mortgages

An offset mortgage lets you use the money in your current and savings accounts to reduce the amount of interest you’ll be charged on your mortgage. All you need to do is link your eligible Clydesdale Bank savings and current accounts to your mortgage, and you won’t be charged any mortgage interest on the value of your savings.

When you link an eligible account to your mortgage, you offset its balance against your mortgage balance. So you’re only charged interest on the difference between the money in your account and the amount you owe on your mortgage. Interest is also calculated daily. The result: For repayment mortgages this means you could repay your mortgage earlier.

You won’t earn any interest on your savings when they’re linked to your mortgage, but you’ll still have the same access if you need to take some money out. The more money you have in credit balances, the more interest you will save.

Our offset mortgages are available on a discounted variable rate. This means your interest rate can vary, so your payments will decrease if there is a downward movement in interest rates. However, if interest rates rise so does the amount you have to repay.

Get started

Call us or use our online form to arrange an appointment. We’re here to help you every step of the way. We care about here.

More help with mortgages

Girl planning her new home

Mortgage journey

We’ve created a range of tools and guides to help you understand the mortgage process.

Find out more about the mortgage journey


Financial considerations

Make sure you’re aware of the costs of buying a home and how many factors can influence the mortgage rate you get.

Find out more about financial considerations

North Queensferry

Buy to let considerations

If you’re thinking of buying a property as an investment there are a few important things you need to be aware of.

Find out more on buy to let considerations

Online enquiries

Complete our online enquiry form and one of our advisors will be in touch to discuss your mortgage requirements and available options.

Online mortgage enquiry

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