Clydesdale Bank has enhanced its mortgage lending criteria for foreign nationals.
The expanded policy will help support a number of different scenarios for foreign national clients who don’t hold indefinite leave to remain (ILR) or settled/pre-settled status.
Clydesdale has increased its maximum LTVs, extended the list of acceptable visas, and reduced the minimum time needed remaining on a visa.
For a joint application where one applicant holds ILR but the other doesn’t, Clydesdale will now lend to 95% LTV, with no minimum income requirement.
If no applicants hold ILR, it will lend to 85% LTV, with no minimum income requirement. This rises to 90% LTV if at least one applicant earns £75,000.
For buy-to-let, Clydesdale will now lend up to 80% LTV. At least one applicant must be an owner occupier. If no one holds ILR, one applicant must earn £75,000. If one applicant holds ILR, there’s no minimum income requirement.
Where the income of an applicant on a visa is being used, they need nine months remaining on their visa and the visa must be on Clydesdale's acceptable list.
Clydesdale noted that it treats applications for customers with settled or pre-settled status as if they held ILR.
Additionally, whether or not an application is for a foreign national, all applicants need to have lived in the UK for the last three years.
