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Hodge Bank recommences physical valuations in Wales and Scotland

Jessica Bird

June 29, 2020

pre-lockdown physical valuations

Following the easing of some lockdown restrictions in Scotland and Wales, Hodge Bank has recommenced physical valuations. 

This follows from the bank’s move to restart physical valuations in England at the beginning of June after the relevant restrictions were lifted.

Hodge Bank will follow the same procedures for physical valuations in Scotland and Wales as it has in England, including strict cleanliness and social distancing procedures.

Physical valuations will not go ahead if the occupant is self-isolating, shielding, or has health and safety concerns.

Where one cannot be undertaken, Hodge Bank will conduct a remote valuation, if the case fits with the bank’s parameters: up to a maximum loan-to-value (LTV) of 60%, with a property value of up to £1m outside the M25, and £1.5m within the M25.

Hodge Bank has also recently made changes across its later life lending interest-only range.

It has removed the loan-to-income (LTI) restriction of 4.5x income for like-for-like remortgages, taking it back up to 6x income.

It has also reintroduced the consideration of earned income up to the age of 80 for affordability, and reintroduced 70% LTV, up to a maximum loan of £1m and property value of £2m.


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