Bank of Ireland is latest lender to recommence physical valuations
Bank of Ireland UK has resumed physical mortgage valuations of properties in England, as long as it’s safe for both occupiers and valuers.
Desktop valuations will continue in other parts of the UK, including Northern Ireland, for properties up to 85% loan to value (residential) and 75% loan to value (buy to let), pending further updated guidance.
Iain Smith, head of intermediaries, Bank of Ireland UK, said: “The return to physical mortgage valuations is a positive sign for the mortgage market.
“We’ve continued to work closely with our brokers and be there for them during these difficult times.
“As well as providing a range of additional measures to support mortgage customers – including acceptance of furloughed customers, payment breaks, and product transfers for customers in payment breaks – we have been providing desktop valuations and maintained our normal underwriting service levels, so avoiding application backlogs.”
If for any reason a physical valuation is not possible, the bank will still provide desktop valuations.