Here’s a full update of all temporary changes currently in place to our product range and policy:
We are now accepting 60% of variable income (bonus, commission, overtime) in our affordability assessment.
To evidence that customers have continued to receive variable income through the challenging economic conditions, we can only use variable income if a customer has received this type of income after 2 December 2020.
For further details please see our lending criteria.
Where an applicant is receiving income through the Furlough Scheme we are not able to use their income in the affordability assessment.
Please use the ‘additional information’ section of the application form to tell us if any of the income details provided relate to the Furlough Scheme.
All self-employed customers (sole traders, partnerships, LLP’s and limited companies) will need to provide their last 3 months’ business bank statements to show continued turnover along with a completed Self-Employed Supplementary Form. These must be submitted with the application to help us understand what impact COVID-19 restrictions have had on the customer’s business.
As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances as part of our commitment to responsible lending.
We understand that many peoples’ lives have changed in recent months, and we want to remind you that you must tell us about any changes to a customer’s circumstances since you submitted an application. Examples of changes could include unemployment, being forced to stop work, loss of overtime or commission.
If things have changed after you have submitted an application, please tell us and we will assess your customer’s current circumstances against our policy at the time of the original application.
Due to exceptionally busy times for the market, we have paused our 10-day Application to Offer Service Commitment and are working hard to process applications as fast as possible.
For help and support with any applications, please contact your dedicated Business Development Manager.
If you are not an intermediary of the Bank, you should not refer to the information contained in this website. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority's mortgage conduct of business rules. This site is intended for UK residents (who are intermediaries of the Bank) unless otherwise stated.
Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 30 St Vincent Place, Glasgow G1 2HL.