For your self-employed customers whose earnings were affected by Covid, Clydesdale Bank may be able to take a flexible approach when assessing their affordability.
That means if they had a disrupted year due to Covid - but their track record was stable before, and has been since - for some sectors we may be able to exclude that year and use only the pre and post-Covid years in our assessment.
A real-life example
Here’s how we recently flexed and said yes to a self-employed customer:
Loan requested: £1,560,000 (80% LTV)
Background: The customer was an Aesthetics Doctor with many years’ experience. They earned £525,000 in 2019, £540,000 in 2020, £20,000 in 2021, and £600,000 in 2022.
The outcome: We took a flexible approach to this customer’s track record. While their previously strong earnings took a hit in 2021 due to Covid restrictions, by 2022 they were exceeding pre-Covid levels. So we excluded their 2021 figure, and averaged out their earnings for 2020 and 2022.
You can find our current rates here. If there’s anything else you need to know, have a chat with your Business Development Manager.
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