“We will stop all new residential mortgage lending through Clydesdale from 2 July,” a spokesperson for Nationwide said. “The two variable rate products will be withdrawn, and the fixed rate products previously withdrawn will not be reintroduced.”
Existing Clydesdale borrowers will not be affected. They will retain access to product transfers under the Clydesdale brand, available through intermediaries and directly.
“Existing customers are unaffected and will continue to hold their Clydesdale mortgage, with access to Clydesdale switcher products,” the spokesperson added. “New lending for first-time buyers, homemovers and remortgage customers will be provided through Nationwide and Virgin Money, which will continue to deliver expert support, a broad product range and strong intermediary relationships.”
Clydesdale Bank was founded in Glasgow in 1838. The bank, along with Yorkshire Bank, was owned by National Australia Bank before the two lenders demerged in 2016 to form CYBG. CYBG subsequently acquired Virgin Money Holdings in 2018 for £1.7 billion, before rebranding the entire business to Virgin Money in 2019.
Nationwide agreed to acquire Virgin Money in March 2024 in a £2.9 billion deal, with the transaction formally completing in April 2025. The deal created the second-largest provider of mortgages and savings in the UK. Virgin Money will retain its name for four years, after which it will have a further two years to rebrand to Nationwide.