Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Clydesdale Bank to Cease New Mortgage Lending After Nationwide Takeover
Clydesdale Bank will stop offering new mortgage loans to customers following the takeover of its parent company, Virgin Money, by Nationwide Building Society. Existing Clydesdale mortgage borrowers will still be able to access switcher deals under the Clydesdale brand.
According to an email sent to brokers, Clydesdale will “no longer offer new mortgage loans” from next week. The bank had already withdrawn its new business fixed rates earlier this year, and these deals will not be reintroduced. The remaining Clydesdale variable rate products will be withdrawn at 8pm on Wednesday, 1 July 2026.
Existing borrowers will continue to be offered “competitive product transfers” via intermediaries, according to the bank. This change follows Nationwide Building Society’s completion of its takeover of Virgin Money in April 2024.
Clydesdale Bank, founded in Glasgow in 1838, has a long history in the UK banking sector. The bank and Yorkshire Bank were previously owned by National Australia Bank before demerging to form CYBG in 2016. CYBG acquired Virgin Money Holdings in 2018 and began rebranding the business to Virgin Money in 2019. Nationwide agreed to purchase Virgin Money in March 2024.
Letting agents and inventory clerks should note that while new mortgage lending from Clydesdale will cease, existing customers will still have access to product transfers, which may impact clients with current Clydesdale mortgages.
Source: Mortgage Strategy