Teachers Building Society has launched a digital mortgage valuation service, enabling applications to continue to be processed despite the COVID-19 lockdown restrictions.
Working with Legal & general Surveying Services, the digital valuation service uses the skills of experienced surveyors to assess all relevant data and searches regarding the purchase property, removing the need for a physical valuation to take place.
Teachers Building Society is also continuing to offer its full range of mortgage products.
Digital valuations are available on purchases with a maximum loan size of £750,000 and maximum purchase price of £1.5m.
For properties valued at up to £1m, digital valuations will be available where the maximum loan-to-value rate (LTV) does not exceed 80%.
For those between £1m and £1.5m, they will be available where the maximum LTV does not exceed 60%.
Digital valuations will not be available on new-build properties or buy-to-let purchases.
Keith Hannibal, head of lending at Teachers Building Society, said: “Whether buying a first home or moving home, purchasing a property can be a stressful and uncertain time.
“Our priority remains to help customers through that journey, providing the same level of support in the current climate as we would at any other time.
“Launching a digital valuation service means that we can continue to process mortgage applications without any hold-ups, whilst adhering to government guidelines over safe working.
“Many of our customers plans to buy a new home are unaffected by the current crisis.
“Some had begun the buying process before the pandemic started, whilst others are now progressing the purchase of homes they viewed before the country entered lockdown.
“We’re also receiving enquiries from borrowers who are keen to review and understand their financial options now, so they are ready to proceed with a purchase in the coming weeks.
“We’re committed to ensuring that all customers can progress their plans without delays resulting from the current climate.
“We hope the launch of the new service provides reassurance to them that they can still borrow from us and move home as planned.
“Whilst the digital valuation will not be a solution for all cases, we will look to progress as many applications as possible, with the remainder fully underwritten and put on hold until a physical valuation can be carried out.
“Our business development managers are on hand to fully discuss the process and parameters.”