Clydesdale Bank brings changes to its mortgage loan policy, specifically for foreigners.
The lender has increased its maximum LTVs, expanded its list of acceptable visas and the required minimum time shortened on a visa.
For a joint application in which one applicant has indefinite leave to stay (ILR), but not the other, Clydesdale will now borrow for 95% LTV, without a minimum income requirement.
If Ilr applicants have no, the bank borrows an LTV of 85%, without a minimum income requirement. This rises to 90% LTV if at least one applicant earns £ 75k.
To buy to leave, Clydesdale Will now borrow up to 80% LTV. At least one applicant must be an occupied owner. If nobody holds Ilr, one applicant must earn £ 75k. If an applicant has ILR, there is no minimum income requirement.
Where the income of an applicant is used on a visa, Clydesdale requires nine months on the visa and to be on the acceptable list of the lender.