Bank aims to support landlords, especially those with lower rental yields
Clydesdale Bank has made some changes to its mortgage policy when it comes to buy-to-let lending.
The lender announced on Monday that it is removing the minimum income requirement, as well as the minimum rental cover requirement for buy-to-let mortgages.
The bank said it expects the changes to come as “especially good news for landlords with lower rental yields.”
Clydesdale added that it will still carry out a full income and expenditure assessment, and advised brokers to use its affordability calculator to check how much their customers can borrow.
The lender said it is also lending to first-time buyers, and on let-to-buy transactions where the bank does not usually require simultaneous completion.
Reduced product transfer rates for existing customers
Clydesdale also recently reduced selected 65% and 75% loan-to-value (LTV) residential product transfer rates for existing customers.
Its two-year fix with a £499 fee is now available from 4.40%, while the rate of fee-free option starts at 4.60%. The five-year fix with a £499 fee has a rate from 4.02%, while the rate of its fee-free option starts at 4.17%.
“We're pleased to announce that we've made reductions to our Clydesdale Bank retention rates which are available to existing customers,” said Richard Walker (pictured), head of Intermediary Sales at Virgin Money. “Our fee offer products are now available from 4.17%, and provide customers with a great opportunity to secure a new fixed rate.”
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