Clydesdale Bank: Summary of changes being made

Product Launch	Criteria Change	Service Update
New purchase product range We are now able to offer residential purchase products up to 65% LTV, have extended the maximum LTV for residential remortgages up to 75%, and can offer BTL up to 60% LTV for both purchase and remortgage. New products In the coming days we will launch a number of new products available for property values up to £500,000, all with a free valuation. Some restrictions apply to the types of lending we are able to offer, for example we are currently unable to accept new builds. Please visit our website for further details.	We’ve had to make some temporary changes to our lending policy which unfortunately means that we are currently unable to accept the following: • Any form of variable income (overtime, commission, bonus). Affordability will only be assessed on basic salary. • Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment. • Personal Income will not be accepted on BTL applications where there is a rental shortfall between 100% and 145%. Self-employed customers will also need to provide their last 3 months business bank statements to evidence continued turnover. The changes to our affordability policy do not impact applications received before Friday 17th April 2020, which will continue to be assessed on a case by case basis. If you have any questions or need further information on these changes please contact your dedicated BDM.	Due to circumstances outside of our control we are focussing our resources on providing crucial services to customers during these difficult times, therefore our 10-day Application to Offer Service Commitment has been paused. We are working hard to progress cases in our pipeline and support our existing customers and remain committed to getting offers to your customers as soon as we can. For any queries please talk to your dedicated Business Development Manager. For further details please visit our website or contact your dedicated field Business Development Manager.

Product Launch

Criteria Change

Service Update

New purchase product range

We are now able to offer residential purchase products up to 65% LTV, have extended the maximum LTV for residential remortgages up to 75%, and can offer BTL up to 60% LTV for both purchase and remortgage.

New products

In the coming days we will launch a number of new products available for property values up to £500,000, all with a free valuation.

Some restrictions apply to the types of lending we are able to offer, for example we are currently unable to accept new builds. Please visit our website for further details.

We’ve had to make some temporary changes to our lending policy which unfortunately means that we are currently unable to accept the following:

• Any form of variable income (overtime, commission, bonus). Affordability will only be assessed on basic salary.

• Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment.

• Personal Income will not be accepted on BTL applications where there is a rental shortfall between 100% and 145%.

Self-employed customers will also need to provide their last 3 months business bank statements to evidence continued turnover.

The changes to our affordability policy do not impact applications received before Friday 17th April 2020, which will continue to be assessed on a case by case basis.

If you have any questions or need further information on these changes please contact your dedicated BDM.

Due to circumstances outside of our control we are focussing our resources on providing crucial services to customers during these difficult times, therefore our 10-day Application to Offer Service Commitment has been paused. We are working hard to progress cases in our pipeline and support our existing customers and remain committed to getting offers to your customers as soon as we can. For any queries please talk to your dedicated Business Development Manager.

For further details please visit our website or contact your dedicated field Business Development Manager.

Like the friendly can do approach, keep it up!

Michael McGuiness, Adviser

What a breath of fresh air! Fantastic positive attitude!

Andrew Smith, Adviser

You are a wake up call to this market and a revelation compared to my previous network.

David Levy, Adviser

Full support from the start and was up and running in no time.

Gary Dobson, Adviser

I feel I am well on the way to regaining my CAS status and establishing a viable business for myself.

Matthew Robinson, Adviser

Only been 3 months but so far so good and the best decision I have ever made.

Martyn Smith, Adviser

Clydesdale Bank: Summary of changes being made