Clydesdale Bank has increased the maximum amount it will lend across its loan to value (LTV) tiers and launched mortgages to reflect the change.
It will now lend up to £10m for mortgages at 60 per cent LTV, £5m at 75 per cent LTV and £2.5m for 80 per cent LTV.
For mortgages at the 85 per cent LTV tier, the maximum loan amount will be £1.5m, at 90 per cent LTV this will be £1m, and at 95 per cent LTV this will be £600,000.
Interest-only mortgages will be available up to 75 per cent LTV while part and part mortgages will be available up to 80 per cent LTV.
For residential loans above £1.5m, downsizing is also now accepted as a repayment strategy up to 70 per cent LTV, previously capped at 60 per cent LTV. This can be topped up with another repayment vehicle or capital and interest, subject to overall max LTV limits.
Clydesdale has launched mortgages in light of this, including 85 per cent LTV two and five-year fixes for loans of £1m and above with a £1,999 fee and rates starting from 2.02 per cent.
It has also introduced deals at 90 per cent LTV for loans of £600,000 and up, fixed for two or five years with a £999 fee and rates beginning from 2.38 per cent.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
