Tipton & Coseley Building Society will accept desktop valuations on all house purchases, remortgages and buy-to-let mortgages up to 70% loan-to-value (LTV).
Alongside this the society has also tweaked its income criteria to help those with different employment circumstances secure a mortgage during the coronavirus lockdown.
Bonus and overtime payments for key workers will continue to be considered, based on their last 12 months average earnings and applications will be considered from furloughed staff.
Mortgage offers will be conditional on the Tipton being able to re-validate an applicant’s income and employment prior to completion.
Self-employed applicants need to demonstrate three months income feed along with their SA302s. Mortgage offers will also be subject to re-validation prior to completion. Applications for zero hour contracted “key workers” can still be considered.
Richard Groom, head of sales at the Tipton said: “Despite the current lockdown, the Tipton is still actively helping key workers, the self-employed and people who have been furloughed to obtain a mortgage.
“We therefore hope these latest income criteria changes and introduction of desktop valuations will help brokers and their customers through this challenging period.”