Great news, we’ve improved our foreign national lending policy
We’ve expanded our policy to support a number of different scenarios for your foreign national clients who don’t hold indefinite leave to remain (ILR) or settled / pre-settled status.
We’ve increased our maximum LTVs, extended our list of acceptable visas, and reduced the minimum time we need remaining on a visa.
Greater flexibility
- For a joint application where one applicant holds ILR but the other doesn’t, we now lend to 95% LTV, with no minimum income requirement
- If no applicants hold ILR, we lend to 85% LTV, with no minimum income requirement. This rises to 90% LTV if at least one applicant earns £75k
- For BTL we now lend up to 80% LTV. At least one applicant must be an owner occupier. If no one holds ILR, one applicant must earn £75k. If one applicant holds ILR, there’s no minimum income requirement
- Where the income of an applicant on a visa is being used, we need 9 months remaining on their visa and for it to be on our acceptable list
Keep in mind that we treat applications for customers with settled or pre-settled status as if they held ILR.
Additionally, whether or not an application is for a foreign national, we need all applicants to have lived in the UK for the last 3 years.
For more detail and a full list of accepted visa types refer to our updated foreign nationals policy.
A reminder of our self-employed policy
Last week we let you know about changes to our self-employed policy. We’ve reduced the minimum trading period to 2 years, increased our loan-to-income cap to 5x, and updated how we assess limited company director income. These changes are now live, and you can find out more in our updated self-employed policy.
Any questions?
If you’ve got any questions, your Business Development Manager is the best person to answer them.
The team at Clydesdale