It has updated its policy to support foreign national clients who do not have indefinite leave to remain or settled/pre-settled status.
Clydesdale Bank will now lend up to 95% loan to value (LTV), with no minimum income requirement, for a joint application where one borrower has an indefinite leave to remain but the other does not.
Where no applicants have indefinite leave to remain, it will lend to 85% LTV with no minimum income requirement. This rises to 90% LTV if at least one applicant earns £75,000 or over.
Clydesdale Bank will now lend up to 80% LTV for buy-to-let (BTL) lending for foreign nationals. At least one applicant must be an owner-occupier. Where no applicants have indefinite leave to remain, one applicant must earn at least £75,000. If an applicant has indefinite leave to remain, there is no minimum income requirement.
Where the income of an applicant on a visa is being used, Clydesdale Bank will require them to have nine months remaining on their visa and for it to be on its approved list.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
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Last week, the bank made enhancements to its self-employed policy relating to the loan-to-income (LTI) ratios and minimum income requirements, among other changes.
