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Platform lending up to 80 per cent LTV on resi; withdraws trackers and BTL

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  • 31/03/2020
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Platform lending up to 80 per cent LTV on resi; withdraws trackers and BTL
Platform has withdrawn all residential tracker mortgages, new build, help to buy and buy-to-let mortgage products for new business.

 

The lender has also restricted residential applications to a maximum of 75 per cent loan to value (LTV) for house purchase and 80 per cent LTV for remortgage.

Its product switch range for existing residential and buy to let customers is unaffected, and the lender said where it could continue a pipeline case it would.

The lender made the changes over the weekend as a result of the coronavirus restrictions – like many other lenders it has been hit by an end to in-person valuations.

Regarding pipeline cases, a spokeswoman added: “Where we can proceed with pipeline applications we will, however, this won’t be possible in all cases.

“We’re working with our BDM team to contact all brokers to explain the situation and understand how the customer wants to progress. We are able to hold applications if the customer wants to wait for restrictions to be lifted.”

 

No physical valuations

A statement on its website said: “Following the latest government advice around social distancing, our valuation partners are unable to inspect properties; this means some mortgage applications cannot progress while this type of valuation is unavailable.

“To ensure customers are only able to make applications for mortgages that can be completed during this time, we made some changes to our range on Friday 27 March to only offer mortgage products that do not require a physical valuation to be carried out.

“This is a temporary change while there are no physical valuations available. We will continue to review our product range and ensure we’re offering as much choice to borrowers as possible while continuing to act as a responsible lender.”

 

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