Clydesdale Bank is making changes to its mortgage lending policy specifically for foreign nationals.
The lender has increased its maximum LTVs, extended its list of acceptable visas, and reduced the minimum time required remaining on a visa.
For a joint application where one applicant holds indefinite leave to remain (ILR) but the other doesn’t, Clydesdale will now lend to 95% LTV, with no minimum income requirement.
If no applicants hold ILR, the bank will lend to 85% LTV, with no minimum income requirement. This rises to 90% LTV if at least one applicant earns £75k.
For buy to let, Clydesdale will now lend up to 80% LTV. At least one applicant must be an owner occupier. If no one holds ILR, one applicant must earn £75k. If one applicant holds ILR, there’s no minimum income requirement.
Where the income of an applicant on a visa is being used, Clydesdale requires nine months remaining on the visa and for it to be on the lender’s acceptable list.
