Bath and Melton place caps on high LTV deals
Bath Building Society and the Melton Building Society have capped high LTV lending due to the coronavirus pandemic.
Bath Buidling Society has reduced its maximum LTV to 70%, and the Melton Building Society has cut its maximum LTV to 60%.
In addition, the Melton will no longer accept self build, buy-to-let, Help to Buy, shared ownership or any other new build applications currently.
A spokesperson for Bath Building Society, said: “With no valuers being able to undertake physical valuations we have reduced to 70% so we can continue to do business as we can accept ‘desk top/AVM’ valuations for 70% LTV and below.”
Dan Atkinson, head of sales & marketing, at the Melton Building Society, added: “Guidance from Public Health England is currently preventing valuers from being able to carry out their normal duties, meaning we cannot progress specific loan types.”