Clydesdale Bank / Virgin Money - Indicative Rate Table (October 2026)
| Finance Type | Indicative Rate | Min Loan | Max Loan | Max LTV | Max Term | Key Feature |
|---|---|---|---|---|---|---|
| Commercial Loan (new/recent vessel) | 6.5–8.5% | £250,000 | No stated cap | 80% | 10 yr | Strong appetite for Scottish fishing fleet in particular |
| Commercial Loan (used vessel) | 7.5–10% | £250,000 | No stated cap | 80% | 10 yr | Established businesses with 3+ years accounts preferred |
| Commercial Mortgage | 6.5–9% | £250,000 | No stated cap | 75% | 15 yr | Longer mortgage structure for high-value vessels |
Rates are indicative for October 2026 and subject to underwriting, vessel survey and credit assessment.
About Clydesdale Bank / Virgin Money Fishing Vessel Finance
Clydesdale Bank, now operating as part of Virgin Money following the 2018 merger, has historically been one of the most active commercial fishing vessel lenders in the UK - particularly in Scotland, where the bank has deep roots in the fishing communities of the Highlands and Islands, North-East coast and Orkney and Shetland. The bank's understanding of the Scottish whitefish and pelagic sectors is among the strongest of any commercial lender.
With a minimum ticket of £250,000 - lower than NatWest and HSBC - Clydesdale/Virgin Money is accessible to a broader slice of the mid-market fishing fleet. Their 80% LTV and 10-year maximum term combination makes them particularly attractive for well-established operators who want to maximise their borrowing while keeping monthly repayments manageable.
As of October 2026, Clydesdale/Virgin Money is a strong first-choice lender for Scottish fishing operations and an excellent second option for English and Welsh operators seeking competitive clearing bank rates. Their relationship banking model means applicants benefit from a dedicated relationship manager who understands the sector - an important advantage over more transactional lenders.
Strengths
- £250,000 minimum - lower than NatWest and HSBC, accessible to more of the mid-market fleet
- Exceptionally strong knowledge of and appetite for the Scottish commercial fishing sector
- 80% LTV to 10 years - same best-in-market combination as Hampshire Trust Bank, at clearing bank rates
- Relationship banking model with dedicated RMs who understand fishing operations
Limitations / Things to Know
- £250,000 minimum still excludes smaller inshore operators and much of the under-15m fleet
- Brand complexity: Clydesdale Bank and Virgin Money operate under both names, which can create confusion in the application process
- Southern England operators may find less sector expertise in local branches vs Scotland-based teams
Is Clydesdale Bank / Virgin Money Right for My Fishing Vessel?
Clydesdale/Virgin Money is an excellent choice for fishing vessel purchases of £250k+ - particularly for Scottish operators, where the bank has unmatched sector knowledge, or for any operator seeking a competitive clearing bank rate with a genuine relationship banking approach. Their combination of 80% LTV and 10-year term at clearing bank rates makes them one of the most attractive lenders in the mid-to-large market.
Compare All Lenders
See how Clydesdale Bank / Virgin Money compares in our full lender comparison, or return to the hub.