Clydesdale Bank closes to new mortgage lending

Clydesdale Bank will no longer offer new mortgage loans following the acquisition of its parent company, Virgin Money, by Nationwide Building Society.

In a note to brokers, the bank said: “Clydesdale new business fixed rates were withdrawn earlier this year.

“Those deals will not be re-introduced, and the remaining Clydesdale variable rate products will be withdrawn at 8pm on Wednesday 1 July 2026.”

Existing Clydesdale mortgage borrowers will still be offered product transfers under the Clydesdale brand via intermediaries and directly.

Clydesdale Bank was first founded in Glasgow in 1838. Clydesdale and Yorkshire Banks were previously owned by National Australia Bank, but demerged to form CYBG in 2016 and later rebranded to Virgin Money.

In March 2024 Nationwide acquired Virgin Money and its subsidiaries, including Clydesdale Bank, in a £2.9bn deal.

Nationwide also intends for the Virgin Money business to rebrand over time. Virgin Money will keep its name for a four year period, after which it will have a two-year period to rebrand to Nationwide.