Virgin Money and Clydesdale Bank are making changes to policies for property and self-employed customers.
The lender is now accepting applications for studio flats that have an internal floor area of 30 square metres or more.
In addition, Clydesdale Bank now needs an unexpired lease term of 85 years at application. If it’s in the process of being extended, it can be under 85 years at application, providing it’ll be over 85 years at completion. Leases under this term can be considered by exception – just double-check with us before you start the application process.
Meanwhile, Virgin Money has also improved policy clarity on homes close to commercial properties. Now, valuers can use more discretion along with their local knowledge and expertise.
Also, there is now no maximum acreage for properties; the lender will just look at the first two acres for valuations.
The banks have also made it easier than ever for self-employed customers to apply for their mortgages, because both banks have streamlined requirements on bank statements. It’s now just the latest month’s statements required from limited companies, LLPs, partnerships and sole traders.
If brokers need to submit a case on Clydesdale Bank’s old lease policy, they have until 5pm on 14 September 2023 to apply.