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Clydesdale pulls out of bridging market – exclusive

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  • 07/11/2019
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Clydesdale pulls out of bridging market – exclusive
Clydesdale Bank has pulled out of the bridging market after an eight-month pilot, Mortgage Solutions can reveal.

 

A spokesperson for CYBG, parent company of Clydesdale, said: “We launched bridging loans in pilot form earlier this year.

“We are always willing to try new things and, while the pilot results were not as strong as we would have liked, we think it’s right to have tested the market.

“Going forward we will continue to focus on supporting our core areas of residential and buy-to-let loans.”

Bridging applications will be accepted by the bank until the close of business on 11 November.

Any cases that have already been accepted by CYBG will be honoured. The bank will be issuing offers until 5pm Monday 25 November. Offers are valid for 90 days.

The pilot was launched in February. At the time of the launch, CYBG cited the bridging market’s resilience over the last two years and its integral role in the home buying process as its reasons for dipping a toe in the short-term lending market.

CYBG is made up of Yorkshire Bank, Virgin Money, B and Clydesdale Bank.

Last month, CYBG obtained a single banking license for the combined group of companies and can now begin its rebrand to Virgin Money.

 

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