Clydesdale Bank has made a series of changes to its lending criteria and its residential mortgage products.
It has increased the LTV by loan amount across all residential tiers.
It can now lend up to:
- 95% LTV to £600k
- 90% LTV to £1m
- 85% LTV to £1.5m
- 80% LTV to £2.5m
- 75% LTV to £5m
- 60% LTV to £10m
Interest-only mortgages are available up to 75% LTV and Part & Part is available to 80% LTV.
To support this change, the bank has launched the following products:
- 85% LTV £1m+ 2 and 5 year fixed rates with £1,999 fee, starting from 2.02%.
- 90% LTV £600k+ 2 and 5 year fixed rates with £999 fee, starting from 2.38%.
For residential loans above £1.5m, downsizing is also now accepted as a repayment strategy up to 70% LTV, previously capped at 60% LTV. This can be topped up with another repayment vehicle or Capital and Interest, subject to overall max LTV limits.
