We are delighted to announce enhancements to our part interest only & part repayment criteria.
Where downsizing is being used as the interest only repayment vehicle for part interest only & part repayment mortgages, the £300,000 equity requirement will now be based on the equity position at the end of the mortgage term.
For part interest only & part repayment loans of up to £750,000 we will allow a total LTV of 80% with up to 75% LTV available on interest only and the remainder to be taken on capital & interest basis.
For properties in the Greater London area, this is available for loans up to £1,500,000.
The following new products, which are not shown on sourcing systems, are now available directly on our Mortgage Illustration Generator:
Residential Interest Only products
Residential Interest Only products – Loans over £1m – Greater London
Residential Capital & Interest products – Loans over £1m – Greater London
*For our new 80% LTV interest only products, customers can borrow up to 75% LTV interest only, with any additional lending on a capital and interest basis. This is available for loans up to £750,000, increasing to £1,500,000 for properties in the Greater London area.
For part repayment and part interest only mortgages the term of the Capital & Interest part cannot extend beyond the term of the interest only part where downsizing is the repayment vehicle. In addition, the equity amount will be calculated using the mortgage valuation.
Where any element of the loan is on interest only, our interest only maximum term applies – 25 years to finish before the earlier of age 70 or the customer’s anticipated retirement.
You may use the bank's online application facility to submit cases.
For more information on our products or how we may be able to assist your clients, please contact your relationship 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.