Accord updates valuation policy
Accord Mortgages has updated its valuation policy as a result of its valuers being unable to visit properties and carry out physical inspections.
The lender has announced that it will continue to lend on residential purchases up to 75% LTV, residential remortgages up to 85% LTV and buy-to-let remortgages up to 65%.
However, due to its vaulers being unable to inspect properties, the lender will no longer lend on new builds, flats, BTL purchases, properties in Northern Ireland, non-standard methods of construction and properties valued at more than £1m.
Furthermore, the lender intends to extend the above changes to its pipeline cases.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Given the nationwide restrictions on valuations, we have reviewed our policies to ensure, where we can find an alternative to a physical valuation, we can continue lending on new applications and process those currently in the pipeline.
“We know brokers are under a lot of pressure at the moment, so we hope these clear guidelines will enable brokers to provide the most accurate information to their clients and allow our underwriting teams to progress the cases which fall within the guidelines as quickly as possible.”