We know that the recent developments regarding COVID 19 (Coronavirus) is a concern for you and your clients. We want to reassure you that we are doing everything we can to continue to offer you the best possible service during this time.
Below are the temporary changes that are now in place for valuations and our lending criteria
We are now able to offer Physical Valuations in England, subject to meeting government requirements and risk assessment guidelines.
We are continuing to utilise Desktop Valuations, which cover the following scenarios:
Other criteria also applies, so to find out if your case is suitable for a desktop valuation please email firstname.lastname@example.org or give an Underwriter a call on 01257 235001.
If you want to see all our lending criteria please click here
If a borrower’s employed income has changed, as they are now on the government’s Coronavirus job retention scheme (known as furlough), the affordability assessment will be based on the new revised income as follows:
ALL FURLOUGH CASES WILL BE SUBJECT TO MORTGAGE CREDIT RISK COMMITTEE APPROVAL
Bonus, Overtime and Commission
Where any elements of a borrower’s income are reducing, including overtime, commission and bonuses the lower amounts will be used in the affordability assessment.
ALL SELF-EMPLOYED CASES WILL BE SUBJECT TO MORTGAGE CREDIT RISK COMMITTEE APPROVAL
|Buy to Let Lending|
|Loan to Value
First Time Landlords
|We continue to accept applications in Scotland, however will not allow cases to complete until we have confirmation that the Scottish Land Registry has re-opened.|
|As part of your DIP submission, we will ask you to complete a supplementary Coronavirus declaration for your applicants which can be found here. It is vital that if at any stage your applicant’s circumstances change you immediately inform the Society so we can assess how this affects their application / offer.|