We are standardising the information we require for residential mortgage applications where a customer intends to downsize as part of their interest only repayment strategy.
When completing a mortgage application with us, if downsizing is selected as an interest only repayment strategy we ask for further details. From today, the information we require about the property to be downsized to has been standardised as follows:
For example, you would state “The customer intends on downsizing to a House in Glasgow costing £400,000”.
If the equity in the property being mortgaged to us does not cover the purchase price of the property being downsized to, you must provide details and evidence of additional repayment vehicles.
Providing this information with the initial application will allow us to process the case as fast as possible.
If you have any questions, please contact your Relationship Manager
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Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 30 St Vincent Place, Glasgow G1 2HL.