Saffron Building Society has made a number of changes to its range including the withdrawal of all products above 80% loan-to-value (LTV).
Also where cases meet eligibility criteria Saffron will now be instructing a desktop valuation.
For applications recieved before the changes (5pm on 7 April) the society will have the case assessed by one of its underwriters who will instruct an internal desktop valuation.
On receipt of an acceptable desktop valuation a non-binding mortgage offer will be issued and a full physical valuation will be carried out as soon as possible.
On receipt of an acceptable physical valuation the case will be reviewed by an underwriter to ensure there have been no material changes, once this has been confirmed a binding offer will be issued.
A statement from Saffron read: “We would like to thank all our intermediaries for their continued support during this pandemic.
“We have made some changes to how we operate to ensure we can continue to support you and enable to you to submit business to us.
“These changes are designed to make the process as smooth as possible for you and your clients in these challenging times.”
Saffron will still be accepting self-build applications, however a valuation will not be instructed until a physical valuation can be carried out and the case will be placed on hold.