Clydesdale Bank is hiking rates on residential and buy-to-let deals by as much as 50 basis points this evening in a bid to “protect the service for existing applications in our pipeline”.

The lender says it is also removing the free valuation incentive for purchase customers, apart from on products in its Fee Offer range.

The reprice is due to take place at 6pm today.

Among the changes, Clydesdale is increasing the following products for existing customers:

• At 90 per cent loan-to-value two and five-year fixed rates will increase by up to 0.5 percentage points
• At 85 per cent LTV two-year fixed rates will increase by up to 0.3 percentage points

Within its residential range for new customers, the following changes are taking place:

• Exclusive 75 per cent LTV two-year fix at 1.19 per cent will be withdrawn
• Two, three and five-year fixed rates with £999 and £1,499 fee will increase by up to 0.4 percentage points 
• Two and five-year fixed rate Fee Offer products will increase by up to 0.44 percentage points
• Selected Professional and Newly Qualified Professional products will increase by up to 0.15 percentage points
• Interest only and £1m+ fixed rate products will increase by up to 0.15 percentage points

Clydesdale is also increasing the following buy-to-let products:

• Purchase Special 75 per cent LTV two-year fixed rates will be withdrawn
• Selected 60 per cent LTV fixed rates will increase by up to 0.1 points
• 75 per cent LTV three-year fixed rate with £1999 fee will increase by 0.15 percentage points
• All 80 per cent LTV fixed rates will increase by 0.1 percentage points