Newbury Building Society has announced it will accept automated valuations (AVMs) and desktop valuations for some of its mortgage products.
The society revealed it will accept AVMs on purchase, remortgage and buy-to-let applications up to 60% LTV on a case-by-case basis, and to a maximum property value £750,000 in the society’s core lending area – which excludes central London.
Desktop valuations will be accepted on shared ownership new build houses up to 95% LTV, as well as standard residential new build houses up to 60% LTV, on a case-by-case basis. Newbury added that for these valuations, properties up to a maximum value of £500,000 in the society’s core lending area will be considered.
Newbury lending manager, Roger Knight, commented: “We understand the current government social distancing regulations have resulted in a halt of physical valuations which has impacted both brokers and the clients they serve.
“Although the world has changed, life still goes on and therefore we hope the temporary acceptance of AVMs and desktop valuations during the Covid-19 crisis demonstrates our commitment to giving brokers the tools they need, at the right time, to help their clients fulfil their homeownership ambitions.”
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