Coventry Building Society has cut the maximum loan to values (LTVs) it will accept on residential and buy-to-let mortgage applications as surveyors face restrictions on physical property inspections.
However it has committed to proceeding with all pipeline cases by using a non-physical valuation on all residential and buy to let cases regardless of LTV.
This applies to all pipeline business submitted up to and including 26 March, where a valuation has not already taken place.
For residential flats it will no longer be accepting mortgage applications above 50 per cent LTV, while for houses, the society has increased the maximum allowable LTV for non-physical valuations to 85 per cent.
Applications with an LTV over 85 per cent will be accepted and processed to the point of valuation, when they will be put on hold until a physical valuation can happen.
Coventry will still accept applications for buy to let purchases and these will be processed to the point of valuation then put on hold.
The society will allow non-physical valuations for buy to let remortgage applications up to a maximum LTV of 75 per cent for houses and 50 per cent for flats.
These changes are effective from 27 March.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
