First-time Buyers
Clydesdale raises interest-only LTV to 75%
Clydesdale Bank has increased its interest-only loan-to-value to 75% for loans which use the sale of the property or a cash lump sum as an exit strategy.
To qualify for the increased LTV, which was previously restricted to 50%, applicants must have £300,000 of equity in the property.
Where downsizing is the strategy, the applicant must confirm in writing they intend to sell the property and a valuation must support the required level of equity.
If the applicant intends to use a cash lump sum which is not an endowment, pension or a share portfolio, a copy of the applicant’s last statement evidencing the lump sum must be supplied.
And evidence of regular and on-going contributions paid over the last 12 months must be submitted with the application.
Interest-only mortgages are only available through the Clydesdale broker distribution channel and the private banking arm which also includes the Yorkshire bank brand.
