Newbury Building Society has confirmed it will accept automated valuation models (AVMs) and desktop valuations for certain mortgage products.
AVMs will be accepted on purchase, remortgage and buy-to-let (BTL) applications up to 60% loan-to-value ratio (LTV) on a case-by-case basis and up to a maximum property value of £750,000 in Newbury’s core lending area, excluding Central London.
Desktop valuations will be accepted on shared ownership new-build houses up to 95% LTV, as well as standard residential new-build houses up to 60% LTV on a case-by-case basis.
Properties up to a maximum value of £500,000 in the society’s core lending area, excluding Central London, will be considered.
Roger Knight, lending manager at Newbury Building Society, said: “We understand the current government social distancing regulations have resulted in a halt of physical valuations which has impacted both brokers and the clients they serve.
“Although the world has changed, life still goes on and therefore, we hope the temporary acceptance of AVMs and desktop valuations during the COVID-19 crisis demonstrates our commitment to giving brokers the tools they need, at the right time, to help their client’s fulfil their homeownership ambitions.”