Great news! We’ve reduced the stress rate we apply for residential mortgage applications, for both Clydesdale Bank and Virgin Money, where the product is variable or fixed for less than 5 years.
Improved maximum borrowing
This change means that applicants can borrow more than they could before, so we’re able to ‘say yes to more’ of your clients and help you to secure them the borrowing amount they need.
The amount of extra borrowing that will now be available to your clients will depend on their individual circumstances, income and expenditure.
Taking a typical example for joint borrowers with a combined income of £85,000, you can expect to see an uplift in maximum borrowing of up to £40,000. For your higher earning clients (for whom our Clydesdale Bank lending proposition is more orientated) the increase in maximum borrowing can be proportionately higher.
Check it out
Of course, every customer’s situation is different. Our affordability calculators have been updated for both Clydesdale Bank and Virgin Money, so check us out and see how much we could lend.
Any questions?
If you’ve got any questions, you can get in touch with your Business Development Manager.
The team at Virgin Money
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