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    Originally posted by loanarranger View Post
    The market continues to change and not for the better judging from the following lender announcements.[*]Kensington have restricted their LTV for all Residential applications to 70%
    https://www.mortgagesolutions.co.uk/...ent-ltv-deals/

    Kensington Mortgages has resumed lending across its 75 per cent loan to value (LTV) residential and buy to let offerings.

    Comment


      Thanks Boletus
      This change came with effect from 09:00 today but unfortunately only for remortgages and not purchase applications.

      Comment


        Latest amendments to criteria , the key focus surrounds residential applications:-
        Lenders who have paused accepting new mortgage applications:
        • None
        Lenders who have reinstated lending:
        • None

        Changes to income and affordability restrictions:
        • Leeds Building Society have provided further clarification with regards to the following:
          • Furloughed Workers
            • Will accept 80% of their basic income up to £2,500pm (£30,000pa gross)
            • For cases where the employer will be funding all or part of the difference, these can be considered on a case by case basis and will require evidence from the employer and a referral to a senior underwriter via a BDM
            • Bonus, Overtime or Commission are not acceptable
            • For pipeline cases they will proceed as stated at application stage unless you inform them of a change to your clients financial situation in which case the new guidance will apply. You must advise them as soon as possible of any change in your client’s circumstances
          • Key Workers with Variable Income
            • Variable income sources such as bonus, overtime, shift allowance, commission can be considered for applicants classed as a ‘keyworkers’ due to the current COVID-19 situation
            • This includes NHS staff, care home workers, supermarket workers (including delivery drivers). This list is not exhaustive and other sectors can be considered on a case-by-case basis. Care will be taken to ensure current levels of overtime are sustainable once the impact of COVID-19 reduces.
          • Key Workers with Zero Hours Contracts
            • Zero hour contracts can be considered for applicants classed as a ‘keyworkers’ due to the current COVID-19 situation, this includes NHS staff, care home workers and supermarket workers (including delivery drivers)
            • This list is not exhaustive and other sectors can be considered on a case-by-case basis. Care will be taken to ensure applications are not over-committed and the current situation is sustainable post COVID-19
            • Applicants on a zero hours contract must have been employed for at least 12 months
            • The latest P60 and most recent payslip are required to calculate the income. The income should be the lower of the latest P60 total or the most recent payslip year to date annualised
            • Bonus, overtime or commission must not be used

        Changes to occupation restrictions:
        • None

        Valuations

        Property Restrictions
        • Masthaven Bank have said that the following properties will be excluded from their AVM’s:
          • Properties over £1m
          • Properties adjacent to commercial premises
          • Properties in poor/derelict condition
          • Properties with more than 2 acres
          • Ex-local authority flats
          • Flats in blocks of more than 6 storeys
          • New builds
          • Private sales
          • HMOs, and properties currently vacant awaiting tenants
          • No more than 1 property to proceed on an AVM within a block of flats
        Loan Sizes
        • Masthaven Bank are increasing their loan sizes for cases that can benefit from an AVM to:
          • £350,000 for Residential Remortgages
          • £150,000 for Second Charge Residential – This is not available on Second Charge Buy to Let
        • Teachers for Intermediaries have put in place a maximum loan amount of £750,000 for cases using their new Desktop Valuation service
        Property Values
        • Newbury Building Society will go up to the following property values for AVM’s/Desktop Valuations:
          • £750,000 in Newbury’s core lending area (excluding Central London)
          • £500,000 for New Builds
        Desktop Valuations
        • Masthaven Bank are this week introducing AVM’s for the following, all with a maximum loan amount of £350,000:
          • First Charge Residential Purchases
          • Buy to Let Purchases
          • Buy to Let Remortgages
        • Newbury Building Society have announced that they will accept AVM’s and Desktop Valuations on some Purchase, Buy to Let and Remortgage cases up to 60% LTV and these will be assessed for suitability on a case-by-case basis. They will go up to 95% LTV on Shared Ownership cases
        • Teachers for Intermediaries have today launched their “Digital Valuations”. They are able to go up to 80% LTV for properties up to £1m in value and up to 60% LTV for properties estimated to be worth £1m and £1.5m. This is not available on either New Build properties or Buy to Let cases

        LTV Reductions

        Residential
        • None
        Buy to Let
        • None

        LTV Increases

        Residential
        • None
        Buy to Let
        • None
        Product Transfers
        • None

        Comment


          Tuesdays change announcements, again there is a focus on Residential mortgages but AVM’s are also being reinstated.

          Lenders who have paused accepting new mortgage applications:
          • None
          Lenders who have reinstated lending:
          • None

          Changes to income and affordability restrictions:
          • None

          Changes to occupation restrictions:
          • Skipton for Intermediaries have announced the following changes to contract workers:
            • If applicant is a independent contractor, they now require a minimum of 3 months left on the current contract, or evidence that the contract has been renewed (previously 2 years in line of work, 1 year contracting)
            • For zero hours contracts they require a copy of the latest contract, dated post 31 March 2020, and the latest bank statement supporting this income as well as two years SA302s. Income used for affordability will be the lower of the latest evidenced income (annualised) of the average of the last 2 years (or lower if this has reduced) as opposed to previously where this was just an average

          Valuations

          Property Restrictions
          • Precise Mortgages have given us their list of exclusions for their AVM’s which are:
            • For Bridging
              • New build property or recently converted (built / converted in last 24 months)
              • Properties that have never been occupied
              • HMOs (including student lets)
              • Multi-Unit Freehold Blocks
              • Flats
              • Holiday Lets
              • Properties with significant land (more than 2 acres)
              • Listed buildings
              • Modern Methods of Construction
              • Short leases (less than 85 years)
              • Commercial / Semi-Commercial properties
              • Properties adjacent to or above commercial premises
              • Properties subject to renovation / refurbishment
              • Development exits
              • Further advances, retentions or stage releases
              • Cross collateral charges
            • For Second Charges
              • New build property or recently converted (built / converted in last 24 months)
              • Properties that have never been occupied
              • Flats
              • Properties with significant land (>2 acres)
              • Listed buildings
              • Modern Methods of Construction
              • Short leases (<85 years)
              • Properties adjacent to or above commercial premises
              • Properties subject to renovation / refurbishment
              • Bankruptcies, IVAs or DMPs are not accepted
          Loan Sizes
          • None
          Property Values
          • None
          Desktop Valuations
          • Kensington have confirmed that their Desktop Valuations have gone live from today
          • Mansfield Building Society have introduced Desktop Valuations for both Residential and Buy to Let
          • Precise Mortgages have put in place AVM’s for both Bridging and Second Charges and brought out new ranges of products for these. They will lend up to the following limits:
            • Bridging - up to 50% LTV and max loan of £275,000 are available on both regulated and non-regulated bridging and Limited Company applications
            • Second Charges – up to 50% and max loan of £200,000 with loans available for any purpose

          LTV Reductions

          Residential
          • Tipton Intermediaries have removed their 90% LTV fixed rates from close of play today due to unprecedented demand as a consequence of many other lenders withdrawing their high LTV products. Their 90% 2 year discounted product is being monitored but is still available currently
          Buy to Let
          • None

          LTV Increases

          Residential
          • Kensington have increased their LTV back up to 75% with the introduction of Desktop Valuations from today
          • Mansfield Building Society will now lend up to 75% LTV on Residential applications
          Buy to Let
          • Kensington have increased their LTV back up to 75% with the introduction of Desktop Valuations from today
          • Mansfield Building Society will now lend up to 70% LTV
          Product Transfers
          • None

          Comment


            Wednesday 6th May market changes.

            Lenders who have paused accepting new mortgage applications:
            • None
            Lenders who have reinstated lending:
            • Barclays have reinstated the following products:
              • Buy to Let Remortgages up to 75% LTV
              • Help to Buy including Help to Buy London and Help to Buy Scotland
              • Product Transfers and Further Advances on their Residential Reward range up to 80% LTV
            • InterBay Commercial have resumed lending today. There are some restrictions in place around being unable to do physical valuations but we’ll list those out under the relevant headings below

            Changes to income and affordability restrictions:
            • Furness Building Society have told us that on both Residential and Buy to Let cases, the following applies:
              • For Self Employed Applicants, in addition to their existing self-employed criteria, applicants will now need to provide the last 3 months business banks statements in order for them to assess income
              • With regards to furloughed workers they are subject to the following:
                • They will accept of 80% of their basic income up to a maximum of £2,500pm (£30,000pa gross)
                • If an applicant’s employer is paying any top-up amount (up to 20% of an applicant’s salary), this will be considered for affordability as long as there is documentary evidence to confirm this
                • Bonus, overtime or commission will only be considered for ‘key workers’

            Changes to occupation restrictions:
            • None

            Valuations

            Property Restrictions
            • Furness Building Society have put the following exclusions in place for Residential cases utilising their Desktop Valuations:
              • New build property or recently converted (built / converted in last 24 months)
              • Properties that have never been occupied
              • Properties that have 6 or more bedrooms
              • Studio flats
              • Flats in blocks more than 6 storeys
              • Flats with suspected cladding or combustible balconies
              • Properties with more than 1 acre of land
              • Listed buildings or built before 1850
              • Modern Methods of Construction
              • Short leases (less than 85 years)
              • Properties adjacent to or above commercial premises
              • Properties subject to renovation / refurbishment
            • InterBay Commercial have the following exclusions on Buy to Let:
              • Portfolios (unless properties are on separate titles)
              • New-build property or recently converted (built/converted in last 24 months)
              • Properties that have never been occupied
              • Properties with over four bedrooms
              • HMOs (including student lets)
              • Multi-unit freehold blocks
              • Studio Flats
              • Flats in blocks over six storeys
              • Flats with suspected cladding or combustible balconies
              • Shared ownership and right to buy
              • Properties with significant land (over two acres)
              • Listed buildings
              • Modern methods of construction
              • Short leases (less than 85 years)
              • Properties adjacent to or above commercial premises
              • Properties subject to renovation/refurbishment
            Loan Sizes
            • Furness Building Society have a maximum loan amount of £500,000 for applications wanting to utilise their Desktop Valuations
            • InterBay Commercial have announced their new maximum loan sizes on:
              • Semi Commercial from £150,000 to £600,000 up to 60% LTV
              • Buy to Let from £100,000 to £700,000 up to 70% LTV
            Property Values
            • Furness Building Society have a maximum property value of £1million for Residential cases going through on their Desktop Valuation
            • InterBay Commercial have a new semi-commercial Buy to Let range for properties up to a maximum value of £1million
            Desktop Valuations
            • Furness Building Society will from today be able to carry out Desktop Valuations on Residential applications up to 75% LTV. These are available in England, Scotland and Wales

            LTV Reductions

            Residential
            • None
            Buy to Let
            • None

            LTV Increases

            Residential
            • None
            Buy to Let
            • None
            Product Transfers
            • None

            Comment


              Here are the announcements made for Thursday 7th May:-
              Lenders who have paused accepting new mortgage applications:
              • None
              Lenders who have reinstated lending:
              • None

              Changes to income and affordability restrictions:
              • None

              Changes to occupation restrictions:
              • None

              Valuations

              Property Restrictions
              • Kent Reliance for Intermediaries have the following as exclusions for the types of properties that are not able to benefit from their new AVM model. They are:
                • Residential
                  • New-build property or recently converted (built/converted in last 24 months)
                  • Properties that have never been occupied
                  • Studio flats
                  • Flats in blocks over six storeys
                  • Flats with suspected cladding or combustible balconies
                  • Shared ownership and right to buy
                  • Properties with significant land (over two acres)
                  • Listed buildings
                  • Modern methods of construction
                  • Short leases (less than 85 years)
                  • Properties adjacent to or above commercial premises
                  • Properties subject to renovation/refurbishment
                  • No bankruptcies, IVAs or DMPs
                • Buy to Let
                  • New-build property or recently converted (built/converted in last 24 months
                  • Properties that have never been occupied
                  • Properties with over four bedrooms
                  • HMOs (including student lets)
                  • Multi-unit freehold blocks
                  • Studio flats
                  • Flats in blocks over six storeys
                  • Flats with suspected cladding or combustible balconies
                  • Properties with significant land (over two acres)
                  • Listed buildings
                  • Modern methods of construction
                  • Short leases (less than 85 years)
                  • Properties adjacent to or above commercial premises
                  • Properties subject to renovation/refurbishment
              Loan Sizes
              • None
              Property Values
              • Kent Reliance for Intermediaries have increased their maximum property value to £750,000 using the AVM model. The minimum property value is £75,000
              Desktop Valuations
              • Kent Reliance for Intermediaries have extended their product range to 70% LTV to use an AVM model with no valuation or admin fees and available for Purchases and Remortgage on both Residential and Buy to Let

              LTV Reductions

              Residential
              • None
              Buy to Let
              • None

              LTV Increases

              Residential
              • None
              Buy to Let
              • None
              Product Transfers
              • None

              Comment


                I am copying an article which has appeared today in one of the leading Intermediary Publications.

                NEWS

                Valuation backlog could take up to two months to clear


                Surveyors predict it will take up to two months before backed up valuations on suspended property transactions are cleared and normal service levels are resumed.

                More than 370,000 house transactions have been paused because of the government’s coronavirus lockdown measures, according to analysis by Zoopla.

                Valuers say it is difficult to estimate how many of these will require a physical valuation because some will already have been surveyed, some will be cash transactions and some may be of a more complex nature that buyers have decided to put on hold during the pandemic.

                However, at least 60,000 of the transactions currently on hold are expected to require a physical valuation according to an industry source. But some firms say the backlog is likely to be much higher. When physical valuations do resume, the surveying workforce is expected to be much smaller and it will take time to get back up and running to full speed.

                Chris Bramham, commercial director, Metropolis Surveyors, said: “I think it will take up to two months to get back to serviceable levels. The industry wants speed from a surveying service but it will be some time before the backlog is cleared.”

                Bramham said it could take even longer if not all valuers returned to work. “Surveyors are an ageing population. Some may decide not to come back.”

                Richard Sexton, director, business development, esurv, said estimating the backlog was not as easy as just counting the number of cases in your own pipeline. Lenders too had a pipeline of unknown cases that, due to lockdown restrictions, they have not progressed to an instruction.

                Talks have already been held with housing minister Christopher Pincher on how the housing sector can safely return to work while observing social distancing measures, according to the Mail on Sunday. Valuers who must carry out physical surveys will be expected to observe strict social distancing measures.

                Furthermore, in the Prime Minister’s update on lockdown restrictions announced on Sunday evening, he said those who could not do their job at home, were actively encouraged to return to work. Surveyors have been left scratching their heads at whether this includes them and are hoping industry guidelines will soon follow.

                Sexton said: “Even when we do return to work, it’s likely furloughed surveyors will be brought back in phases and restrictions may be different depending on where they are in the UK. There will also be less data around when looking for comparables. So getting on top of the backlog depends on how quickly we can unfurlough staff and get them back up to speed.”

                Comment


                  The following note has been reported, if correct it will provide a small crumb of comfort for those taking advantage of the Mortgage Payment holiday, however for every credit there is a debit and this extension mightresult in a number of the lenders who are institutionally funded being forced out of business since the same concessions of having a payment holiday are not extended by the Institutions to their lender clients. If proved correct and similar to what occurred after the Credit Crunch , the number of active lenders will reduce and lending will become more restrictive.

                  ”The Financial Conduct Authority (FCA) is considering giving homeowners a 12-month break from mortgage payments by extending the payment holiday period, according to reports.

                  This will be done to help homeowners avoid defaulting on their mortgages and having their homes repossessed, The Times said.

                  In March, the regulator said it would review the mortgage holiday package in three months and would extend them if it was appropriate.

                  Recent figures from UK Finance revealed over 1.2 million people had taken a mortgage holiday since March, with 700,000 of those being granted in April.

                  According to guidance from the FCA, borrowers who have taken out a mortgage holiday should not have their credit score impaired and should not be treated differently from those who keeping making payments.

                  Borrowers on payment holidays are also allowed to make product transfers during the payment break.

                  Comment


                    Thursday 14th May Mortgage News announcements

                    Lenders who have paused accepting new mortgage applications:
                    • None
                    Lenders who have reinstated lending:
                    • Foundation Home Loans have announced that they are resuming lending for both Residential and Buy to Let. Their new range of products will be available from Monday 18th May

                    Changes to income and affordability restrictions:
                    • HSBC have made the following changes to criteria:
                      • Foster Carers income is now accepted but is treated as self-employed income however, they won’t ask to see accounts as they would on normal self-employed cases. They will require a letter from the foster agency confirming the total foster income received for each of the last 2 years at the point of application, the number of children currently in their care and if there are any known foreseeable changes in their level of income. For the affordability calculation, you need to put 100% of the evidenced income in the self-employed net profit fields. You will also need to put the number of children currently in their care down as dependents
                      • Self Employed Income from Limited Companies you are no longer required to provide signed finalised financial accounts. Instead, their underwriting team will validate finalised accounts (whether signed or unsigned) with the information contained in the latest years’ accounts filed with Companies House
                    • NatWest are changing the way they assess self-employed income from Friday 15th May for both Residential and Buy to Let applications. When assessing affordability you must use the lower of:
                      • The average of the last two years net profit
                      • The most recent years net profit
                      • The confirmed government income support amount

                    Changes to occupation restrictions:
                    • None

                    Valuations

                    Physical Valuation Updates and associated criteria
                    • Fleet Mortgages have resumed physical valuations in England for both pipeline cases and new applications
                    • Nationwide for Intermediaries are resuming physical valuations in England. For applications on hold that weren’t suitable for Desktop Valuations, they will contact the vendor/applicant directly to arrange to get the valuation booked in
                    • Shawbrook Bank are resuming physical valuations and these can be instructed via their Broker Hub
                    • The Mortgage Works (TMW) are resuming physical valuations in England. For applications on hold that weren’t suitable for Desktop Valuations, they will contact the vendor/applicant directly to arrange to get the valuation booked in

                    Desktop Valuations
                    • Buckinghamshire Building Society have announced their new range of products that qualify for Desktop Valuations subject to the property mortgaged being suitable for an AVM
                    • Masthaven Bank can now use Desktop Valuations for bridging cases up to 60% LTV

                    Property Restrictions
                    • None

                    Loan Sizes
                    • None
                    Property Values
                    • None

                    LTV Reductions

                    Residential
                    • None
                    Buy to Let
                    • None

                    LTV Increases

                    Residential
                    • None
                    Buy to Let
                    • None
                    Product Transfers
                    • None

                    Comment


                      Halifax tightens criteria for SELF employed & Furloughed Applicants


                      Halifax has warned it may require extra documentation and information to support self-employed borrowers, as it provides an update on applications affected by the coronavirus outbreak and lockdown.

                      Halifax has said self-employed applications may be referred to underwriters for review.

                      The lender will be looking for evidence of the long-term history and stability of the business within the sector, as well as funds to meet commitments and the likelihood of returning to normal profitability and trading in the future.

                      Halifax also confirmed it will consider applications from furloughed workers, based on the amount of income currently received.

                      Where a borrower relies heavily on bonuses or income, the application may also be referred to underwriters.

                      If a customer is affected by a short-term reduction in their income, with affordability below what would normally be expected, the lender will consider appeals for higher loan amounts if contingency funding can be evidenced.

                      The lender added that it is continuing to closely monitor the Covid-19 situation to make decisions to support customers.


                      Comment


                        Nat West Tighten Criteria for Self Employed Applicants


                        NatWest has changed the way it is assessing self-employed income.

                        When assessing affordability, Mortgage Solutions understands NatWest is now using the lower of the average of the last two-years’ net profit; the most recent year’s net profit or the confirmed government income support amount.

                        Changes apply to applications that have already been submitted but not yet completed where the broker or borrower informs NatWest of a material change to the application.

                        However, the bank is not expecting advisers to proactively review their pipeline.

                        Packaging requirements


                        NatWest has also made some temporary changes to its self-employed packaging requirements for new business.

                        A supplementary information sheet is required as part of the packaging when submitting an application where one or both of the applicants are self-employed.

                        Applications without a sheet will not be progressed.

                        If income does not satisfy on-going affordability at underwriting stage, Mortgage Solutions understands NatWest has said it will decline the case and will not accept appeals.

                        And where a borrower’s income has been negatively impacted by Covid-19, and they are not eligible for Self Employed Income Support Scheme with their revised income failing affordability, NatWest said brokers should not submit applications.

                        Comment


                          Positive Announcements from Coventry for Intermediaries

                          Coventry for intermediaries has introduced 85% LTV purchases and remortgage to its Owner-Occupied range as well as reducing rates on a majority of products.

                          BTL LTV’s have also been increased to 75% for purchases and remortgage, with rate cuts across the range.

                          Coventry has also introduced enhanced electronic valuations on both residential and BTL properties combined with physical valuations where necessary.

                          They will now allow capital raising on Owner-Occupied mortgages for PAYE clients increased to 75% LTV and for landlords capital raising on BTL mortgages has been increased to 75% LTV – including property related purposes, and not just essential repairs.

                          Comment


                            Cautionary note relating to Affluent Borrowers on Furloughed Income

                            Well-paid borrowers who have been furloughed under the government’s coronavirus job retention scheme may struggle to remortgage when their current deal expires, brokers warn.

                            Under the scheme, the government will pay 80 per cent of workers’ income capped at £2,500 a month. This is equivalent to £30,000 net income a year. Employers can choose to top up the remaining 20 per cent of employees’ earnings.

                            Borrowers who are used to earning, for example, £50,000 a year net income and who took out a large mortgage which is reliant upon their full earnings could find themselves trapped with their current bank and missing out on the best deals.

                            Furthermore, workers who remain in their jobs on full pay but rely on variable elements, such as bonuses and commissions, may also struggle to find a new deal when their current product term expires.

                            Chris Sykes, mortgage consultant, Private Finance, said: “Product transfer rates are generally in line with a lender’s current range for new borrowers. But a lender that gave you the best rate two years ago, may not be offering you the best rate now. It could be more beneficial for them to move lenders but their temporary income circumstances could be restricting them from doing that.”

                            Sykes said borrowers may also have different priorities, other than saving money on their rate, such as raising money to build an extension or consolidate debts they may have built up during the pandemic.

                            However, on a lower income these decisions will also have to be put on hold.

                            “Borrowers will either have to wait until they are on full income and then move banks, which means moving on to their lender’s standard variable rate, or do a product transfer with their current lender and apply for a further advance later,” said Sykes.

                            Brokers frantically sifting through lenders’ terms and conditions drove the search term ‘Covid -19 furloughed workers’ into the top three criteria searches on the Knowledge Bank system during April.

                            Mortgage applications for furloughed borrowers are being considered but banks are adopting different approaches in how they treat income.

                            Halifax, for example, will consider furloughed borrowers on their lower income. Where a borrower’s affordability is impacted by a short-term reduction in their income, the bank will consider appeals for higher loan amounts if the borrower has access to a contingency fund.

                            Sykes said that lenders have also clamped down on borrowers using bonuses and commission to support their income, even if they are no longer furloughed.

                            He added: “If you had been furloughed it is unlikely you would have been receiving any additional income and the expectation is that the company which has furloughed its staff will not be in a position to pay out bonuses or commission in the future.”

                            This has led to some lenders taking out bonuses and commission completely from their affordability assessments, and others have slashed it to 50 per cent or 25 per cent of what the borrower receives.

                            Clearly one hopes that the criteria will be relaxed when normal services resume but knowing the level of credit card borrowings which are in place , no-one can now automatically assume that getting a mortgage irrespective of whether it is a remortgage or purchase can get the level of loan similar to that which existed before the Coronavirus kicked in.

                            Comment


                              Finally the first signs of lender confidence in both residential and Buy to Let sectors as can be seen in elements of the following update.

                              Lenders who have paused accepting new mortgage applications:
                              • None
                              Lenders who have reinstated lending:
                              • Accord Mortgages have from reinstated lending on New Build Purchases up to 85% LTV and on Help to Buy up to 75% LTV however this currently excludes Northern Ireland but that is being looked at
                              • The Mortgage Lender (TML) have resumed lending on HMO’s and Multi Unit Blocks

                              Changes to income and affordability restrictions:
                              • Melton Building Society (MBS Lending) have increased their maximum income multiple to 5 x single or joint income. Help to Buy remains capped at 4.5 x income in line with scheme rules

                              Changes to occupation restrictions:
                              • None

                              Valuations

                              Physical Valuation Updates and associated criteria
                              • Accord Mortgages have resumed physical valuations in England only
                              • Aldermore have said today that they will resume physical valuations on Residential properties in England and that Buy to Lets will follow
                              • Bank of Ireland for Intermediaries have resumed physical valuations in England but desktop valuations will continue in other parts of the UK, including Northern Ireland, for Residential properties up to 85% LTV and for Buy to Lets up to 75% LTV for the time being
                              • Clydesdale Bank are resuming physical valuations in England from next week and will use a combination of both physical valuations and desktop valuations where appropriate for new business
                              • Mansfield Building Society have reinstated physical valuations in England
                              • Metro Bank have announced today that they are recommencing physical valuations in England and that they will be working through their pipeline as quickly as possible
                              • Newcastle Building Society are recommencing physical valuations in England on Residential Purchases and Remortgages, New Build and Self Build from Thursday 21st Maybut Buy to Let will continue to be done by desktop valuations at this time. They will be working through their Residential pipeline in chronological order
                              • The Mortgage Lender (TML) have announced that they are resuming physical valuations in England

                              Desktop Valuations
                              • None

                              Property Restrictions Imposed
                              • None

                              Property Restrictions Lifted
                              • None

                              Loan Sizes
                              • Melton Building Society (MBS Lending) have increased their loan sizes as follows:
                                • Up to 75% LTV - £1m
                                • >75% - 80% LTV - £500,000
                                • >80% - 90% LTV - £400,000
                                • >90% - 95% LTV - £300,000

                              Property Values
                              • None

                              LTV Reductions

                              Residential
                              • None
                              Buy to Let
                              • None

                              LTV Increases

                              Residential
                              • Accord Mortgages have increased their LTVs on both Purchase and Remortgages as follows:
                                • 90% LTV up to a maximum loan of £500,000
                                • 85% LTV up to a maximum loan of £1m
                                • 75% LTV up to a maximum loan of £1.5m
                              • Clydesdale Bank have confirmed that they will return to 90% LTV from next week
                              • Virgin Money will go back up to 90% LTV from next week
                              Buy to Let
                              • Clydesdale Bank will increase their LTV up to 80% from next week
                              • Virgin Money are increasing their LTV back up to 80% from next week
                              Product Transfers
                              • None

                              Comment


                                My, overall, take on all of this is not to do anything with any lender for a while if it's possible to avoid it.
                                Which isn't great news for brokers, I know.

                                I tried to lock everything in place last year because of Brexit, which has proven to be a benefit in this, completely unexpected, period of change.
                                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                                Comment

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