Choosing the right mortgage

As a first-time buyer you're approaching one of life's big milestones.

There are a range of mortgage options available to you. We 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

To arrange a telephone appointment call us on 0800 022 4313. We're open Monday to Friday 8am-8pm, Saturday 9am- 5pm and Sunday 10am-4pm. Alternatively you can request a telephone appointment by using our online form. We’re here to help you every step of the way.