New purchase product range and changes to affordability policy

17th April 2020

New purchase product range

We are now able to offer residential purchase products up to 65% LTV, have extended the maximum LTV for residential remortgages up to 75%, and can offer BTL up to 60% LTV for both purchase and remortgage.

New products

In the coming days we will launch a number of new products available for property values up to £500,000, all with a free valuation. Some restrictions apply to the types of lending we are able to offer, for example we are currently unable to accept new builds. Please visit our website for further details.

Affordability policy

We have 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) will not be used in the affordability assessment. 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.

If you have any questions or need further information on these changes please contact your BDM.

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. For any queries please talk to your dedicated Business Development Manager.

For further details please visit our website or contact your dedicated field Business Development Manager, you can find their contact details below.

Yours sincerely
The Clydesdale Bank Intermediary Team