Clydesdale Bank has announced an important product update for advisers. Please see below for more details. Contact us for more information, alternatively, you can visit their website here.
ANNOUNCEMENTS
We’ve improved our affordability
You can now offer more of them the loan amounts they need. Read on and we’ll tell you why.
Advanced affordability
Put simply, we’ve made some improvements to our affordability calculations. This means, for most customers, we can now lend more today than we could last week.
Want to find out how much we could lend? Check out our updated affordability calculator.
Liberating our LTIs
We’ve relaxed our rules and removed restrictions, giving more customers access to higher multiples.
Higher earners and customers remortgaging with no additional borrowing have increased access to our max 5.5x multiple.
Here are our new multiples:
Purchase or remortgage with additional borrowing
- Income under £50,000 – 4.49x
- Income £50,000 to £74,999 – 5x
- Income of £75,000 or more – 5.5x
Max 4.49x LTI over 85% LTV or if any applicant is self-employed (not including contractors meeting our contractor policy), at all income levels.
To determine the £50k/£75k income levels, when applying LTI multiples we’ll include basic pay, 60% of allowable variable income, and 100% of pension, rental and allowable benefit income.
Remortgage with no additional borrowing
- Up to 85% LTV – 5.5x
- Over 85% LTV – 4.49x
Just so you know, for a remortgage with no additional borrowing, income level and self-employment don’t affect LTI limits.
Plus, we still offer up to 5.5x for eligible Newly Qualified Professional applicants taking an NQP product.
For more info, head to our lending criteria.
WE’RE REDUCING SELECTED CLYDESDALE BANK RATES
We wanted to let you know that we’re reducing selected Clydesdale Bank products and launching new fixed rates on Thursday 12 October.
Exclusive remortgage deals with £500 cashback
- NEW 85% LTV 2 and 5 year fixed rates will be launched starting from 5.24%.
- 80% LTV 2 Year Fixed Rate will be reduced by 0.15% to 5.84%.
- 75% LTV 5 Year Fixed Rate will be reduced by 0.05% to 5.20%.
- 80% LTV 5 Year Fixed Rate will be reduced by 0.27% to 5.22%.
These deals are available for loan sizes between £200,000 and £1.5m.
Exclusive purchase deals
- 90% LTV 2 Year Fixed Rate will be reduced by 0.15% to 5.89%.
- 90% LTV 5 Year Fixed Rate will be reduced by 0.15% to 5.35%.
These deals are available for loan sizes between £300,000 and £600,000.
Exclusive large loan deals
- 75% LTV 2 Year Fixed Rate will be reduced by 0.16% to 5.75%.
- 75% LTV 5 Year Fixed Rate will be reduced by 0.12% to 5.26%.
These deals are available for loan sizes between £1m and £2m.
New and existing customer products
- Selected 2 year fixed rates will be reduced by up to 0.27%.
- Selected 5 year fixed rates will be reduced by up to 0.12%.
- Selected Professional and Newly Qualified Professional fixed rates will be reduced by up to 0.27%.
- 2 year Offset Discounted rates will be reduced by 0.20%.
- Selected 2 year BTL fixed rates will be reduced by up to 0.30%.
The end dates will move to January of the relevant year.
You can find our current rates on our website. If you’ve got any questions, you can get in touch with your Business Development Manager.