Clydesdale Bank will stop all new residential mortgage lending.
In 2016, the Clydesdale and Yorkshire banks demerged from National Australia Bank (NAB) to become CYBG. Two years later, CYBG acquired Virgin Money Holdings to form the new Virgin Money.
In 2019, CYBG then began rebranding to Virgin Money.
In 2024, Virgin Money was acquired by Nationwide. This created the second-largest provider of mortgages and savings in the UK.
The formal completion of Virgin Money’s acquisition by Nationwide was in April this year.
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Cessation of new lending
No new products will be introduced, with the two variable products being withdrawn on 2 July.
Existing borrowers will be offered transfers to Clydesdale switcher products.
A spokesperson for Nationwide said: “We will stop all new residential mortgage lending through Clydesdale from 2 July.
“The two variable rate products will be withdrawn, and the fixed rate products previously withdrawn will not be reintroduced.
“Existing customers are unaffected and will continue to hold their Clydesdale mortgage, with access to Clydesdale switcher products.
“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.”