Clydesdale removes buy-to-let income and rental cover requirements

Clydesdale Bank has announced enhancements to its buy-to-let lending criteria.

As part of the changes, Clydesdale's buy-to-let mortgages have no minimum income requirement and no minimum rental cover requirement.

In a note to brokers, the Bank said: "This will come as especially good news for landlords with lower rental yields.

"As always, we’ll carry out a full income and expenditure assessment.

"Plus, we’re still lending to first-time buyers, and on let-to-buy transactions where we don’t usually require simultaneous completion."

In January, Clydesdale announced that it will now support product switching on pipeline cases. This will allow brokers to switch their customer’s previously selected product onto a new product from the lenders' current new business range.

Product switching is available on cases that are at pre-offer stage or are within 60 days from the date on the offer if at offer stage.