Following governmental restrictions to prevent the spread of COVID-19, Yorkshire Building Society (YBS) has updated their valuation policy as physical property inspections remain prohibited.
By now using either a desktop valuation or an automated valuation model (AVM), YBS will continue to lend on residential purchases where the maximum LTV is 75% or below and residential remortgages where the maximum LTV is 85% or below.
YBS are currently unable to lend on new builds, flats, properties in Northern Ireland, properties with non-standard methods of construction and properties valued at more than £1m.
Pipeline cases where a desktop valuation or AVM cannot be used will remain in the pipeline until a physical valuation can be carried out, according to YBS.
Chris Irwin, director of trading at YBS, said: “In light of the restrictions on valuations, we have reviewed our policies to enable us to continue lending, where an alternative to a physical valuation can take place.
“We hope these new guidelines will give clarity to both new customers and those with applications in the pipeline and allow our underwriting teams to progress the cases which fall within the guidelines as quickly as possible.”
YBS confirmed that Scottish completions will continue to take place, whilst their standard variable rate offering (SVR) will be reduced by 0.50% to 4.49% for existing customers from Sunday 19 April.