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TML adds desktop valuations on BTL deals

  • 24/04/2020
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TML adds desktop valuations on BTL deals
The Mortgage Lender (TML) is adding desktop valuations to its buy-to-let (BTL) purchase and remortgage products.


Desktop valuations are available up to 75 per cent loan to value (LTV) on new and pipeline cases but certain property types are excluded, including houses in multiple occupation (HMO), new build and multi-unit blocks (MUB).

Property values up to £1m outside or M25 or £1.5m inside M25 will be considered, while brokers should contact the lender on prime central London properties above £1.5m.

These changes, which go live on 27 April, only apply to its buy-to-let offering – its residential proposition remains on hold after it was suspended in March due to the coronavirus hitting capital markets.

Earlier this month TML capped its buy-to-let lending at 75 per cent LTV and increased rates.

In a communication sent to brokers, TML said: “We will be utilising desktops where possible, whilst the government’s current measures around Covid-19 are in place that mean physical valuations are not possible.

“Where a property is not suitable for a desktop assessment or automated valuation model (AVM), we will put the case on hold until government advice allows valuers to begin physical inspections again.”

TML sales director Steve Griffiths said: “Landlords’ business hasn’t stopped because of the current crisis.

“It is now more important than ever to ensure they have products that can deliver access to funding so they can manage their portfolios.

“With the new purchase market effectively on hold, facilitating pipeline purchases and remortgages are key to ensuring brokers can continue to support their clients and in turn provide them with much needed cash flow during this challenging period.”


The excluded property types are:

  • HMO and MUB
  • New build properties built in the last 24 months
  • Properties with more than four bedrooms
  • Studio flats
  • Flats in blocks with over six storeys
  • Flats with suspected cladding
  • Properties with more than two acres of land
  • Listed buildings
  • Modern methods of construction
  • Leases with less than 85 years remaining
  • Properties above or adjacent to commercial premises


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