Mortgage News
Clydesdale Bank to accept advised porting, product transfer with additional borrowing and further advances
Clydesdale Bank will now allow brokers to submit applications for porting, product transfer with additional borrowing and further advances on the behalf of clients.
To apply, brokers need to complete an illustration request form and email it to the lender’s existing customer support team. The lender said that it would aim to send an illustration within two days.
Following that, brokers can then submit a residential or buy-to-let application form as normal.
The lender said its procuration fees for product transfer with additional borrowing it would pay 0.2 per cent of the existing loan amount and 0.4 per cent on the additional amount borrowed.
For further advance, the lender said it would pay 0.4 per cent of the new amount borrowed as a proc fee.
Clydesdale Bank said that for porting with or without additional borrowing, it would pay 0.4 per cent of the total loan amount.
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