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Changes to product offering and policy requirements

25th June 2020

We have restarted physical valuations and reinstated our product range up to 85% LTV. Some changes to policy requirements remain in place.

What does this mean for your clients?

We have residential products available to 85% LTV and BTL to 80%.

Following the easing of restrictions, surveyors are able to carry out physical inspections across the UK.

Some changes to policy requirements remain in place.

Affordability Policy

We’ve also had to make some temporary changes to our current lending policy which means unfortunately we are currently unable to accept the following:

Any form of variable income (overtime, commission, bonus). Affordability will be assessed on basic salary only.

Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment.

Self-employed customers will also need to provide their last 3 months business bank statements to evidence continued turnover.

The changes to our affordability policy do not impact applications received before Friday 17th April 2020, which will continue to be assessed on a case by case basis.

Existing Applications

Surveyors are now able to carry out physical inspections across the UK. Valuations will follow government guidelines, and will only take place if the occupier consents to allow access to the property.

We understand that many peoples’ lives have changed in recent months. As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances. This is part of our commitment to responsible lending.

You must let us know if there have been any changes to a customer’s circumstances since you submitted an application to us. Examples of changes could include unemployment, furlough, 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.

Mortgage Offer extensions

If your client has a Mortgage Offer that is due to expire and they have exchanged contracts on a property purchase, you can request that the Mortgage Offer is extended by 3 months. We're happy to take requests for a Mortgage Offer extension once there is less than a month remaining on the valid period of the Offer.

The request will need to be made through your client’s Solicitor, who can use the usual routes to contact us with the request. As a responsible lender we will need to ensure that the mortgage is still affordable so we will need to see up-to-date proof of income.

When we review the request to extend the Mortgage Offer, we will base our decision on the mortgage product confirmed in the original Offer. If your client wants to change mortgage products, you will need to make a new mortgage application.

Service Update

Due to the impact of Covid-19 we are focussing our resources on providing crucial services to customers during these difficult times, therefore our 10-day Application to Offer Service Commitment has been paused. We are working hard to progress cases in our pipeline and support our existing customers and remain committed to getting offers to your customers as soon as we can.

Contacting your BDM

Your telephone Business Development Manager is currently out of the office, so for help and support with any applications, please contact your dedicated field Business Development Manager, you can find their contact details on our BDM Finder.

Don’t forget that you can find the latest status of an application in our case tracking updates. If you do need to call us, you can find our contact details on our website.

Yours sincerely

The Clydesdale Bank Intermediary Team

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For all lending policy and new business enquiries:

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