Clydesdale Bank has launched new products in its 95% loan to vale and buy-to-let range at 80% LTV, and loosened its lending criteria across both types of mortgage.
The lender says its new 95% LTV products are available for residential purchase and remortgage applications, for loans up to £570,000, up to a maximum of 35 years.
It adds flats for these deals must be in buildings with four storeys or fewer and must not be an ex-local authority or ex-Ministry of Defence properties.
Applications for capital raising during a remortgage or for new-build properties will not be accepted.
The new 95% LTV range also includes newly qualified professional products, which benefit from higher income multiples of up to 5.5 times, subject to an affordability assessment and eligibility.
Newly qualified professional loans are available to customers who have become fully qualified within the last five years and are employed as either an accountant, architect, barrister, chartered surveyor, dentist, medical doctor, pharmacist, pilot, solicitor or vet, with an income of £40,000 or more.
The bank’s new BTL 80% LTV products comprise interest-only buy-to-let deals for loan sizes up to £500,000. However, loans for this range are available for up to £750,000, although offers over £500,000 must be taken on as full capital and interest repayments.
The lender has also raised its maximum-term policy.
The maximum term for residential capital and interest mortgages up to 85% LTV is 40 years. For residential capital and interest mortgages over 85% LTV, residential interest-only mortgages, and all buy-to-let mortgages the maximum period is 35 years.
The new residential range comprises:
· A 95% LTV two-year fixed-rate, with £999 fee at 2.67%
· A 95% LTV two-year fixed-rate fee-offer at 2.95%
· A 95% LTV five-year fixed-rate, with £999 fee at 3.08%
· A 95% LTV five-year fixed-rate fee-offer at 3.16%
· A NQP 95% LTV two-year fixed-rate fee-offer at 3.22%
· And a NQP 95% LTV five-year fixed-rate fee-offer at 3.49%
The new BTL range comprises:
· An 80% LTV two-year fixed-rate, with £1,999 fee at 3.25%
· And an 80% LTV five-year fixed-rate, with £1,999 fee at 3.28%
