Mansfield Building Society has agreed to introduce an enhanced desktop valuation process to help keep residential and buy-to-let (BTL) mortgage applications moving with zero contact during lockdown.
The process is available for both purchase and remortgage, and the society can now progress mortgage applications at an increased loan-to-value ratio (LTV) of 75% for residential mortgages, and 70% LTV for BTL.
Remote valuations will be delivered by the society’s valuer, Gateway.
They include an online questionnaire completed by the occupier, together with photo or video uploads to support detailed property research undertaken by the valuer.
Borrowers will be offered the zero contact valuation service to help progress cases through to completion without breaching social distancing and lockdown rules.
However, they will be able to choose a standard valuation if they would prefer to wait.
Paul Lewis (pictured), national development manager at Mansfield Building Society, said: “We pride ourselves on being a flexible and pragmatic lender that’s eager to help brokers and their clients with their mortgage needs.
“By accepting the new zero contact valuations, we can progress applications more quickly for those borrowers who are willing to accept this type of property assessment.
“We’re keen to ensure that we’re supporting the mortgage market as much as possible, so we’ve taken these proactive steps to provide a viable mortgage solution for borrowers wanting to purchase, remortgage or invest now.”