Clydesdale Bank has updated its foreign national lending policy, making it easier for those without indefinite leave to remain (ILR) or settled/pre-settled status to access loans.
The bank increased its maximum loan-to-value (LTV) ratios, widened the list of accepted visas, and reduced the required minimum time left on a visa.
For joint applications where one person holds ILR but the other does not, lending is now available up to 95% LTV with no minimum income requirement.
If neither applicant holds ILR, lending is capped at 85% LTV, still with no minimum income requirement.
This increases to 90% LTV if at least one applicant earns £75,000.
For buy-to-let (BTL) loans, the maximum LTV is now 80%.
At least one applicant must be an owner occupier and, if no applicant holds ILR, must also earn at least £75,000.
If one applicant does have ILR, there is no minimum income requirement.
Where income from a visa holder is used, at least nine months must remain on the visa and it must be on the bank’s approved list.
Applicants with settled or pre-settled status are treated the same as those with indefinite leave to remain.
All applicants must have lived in the UK for the past three years.
