Clydesdale Bank offering 80% ltv mortgages on interest-only basis between £750,000 and £2,000,000
Clydesdale Bank has announced it can potentially provide 80% loan-to-value mortgages to clients borrowing between £750,000 and £2 million.
In a move designed to attract more wealthy borrowers, it has also removed its £1.5 million cap for residential interest-only mortgages. Also, it has a range of interest-only rates available for loans up to and over £3 million.
Aaron Strutt, product manager at Trinity Financial, says: “Clydesdale is targeting the large loan market with it generous five times salary income multiple and its ability to use retained profits for affordability. It can also potentially use draft accounts or management accounts for some clients.”
The maximum loan-to-value for mortgages over £2 million and up to £3 million has been increased to 70% with a maximum of 65% on interest-only. The bank can also consider loans over £3 million up to 60% loan-to-value with 55% of the loan on interest-only. For 80% loan-to-value loans between £750,000 and £2 million, 75% would be on interest-only with the remaining 5% of capital repayment.
Please note, where the mortgage is both over £750,000 and 75% loan-to-value, interest-only is only available for properties in London and the South-East.
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