TSB and NatWest restart physical valuations; Platform relaunches BTL – round-up

TSB and NatWest restart physical valuations; Platform relaunches BTL – round-up

 

TSB

TSB will prioritise properties in England that have been put on hold including unoccupied and new-build homes, before moving on to occupied properties.  

The bank’s valuers will follow government guidance and ask questions to make sure a property is safe before inspection. The surveyor will also make onsite checks before entering the property.   

All surveyors will have personal protective equipment (PPE) and are undergoing training to ensure they understand and follow government requirements regarding ‘working in other people’s homes’.  

Where possible, valuations of properties will continue remotely.  

Beverley Bradford, TSB’s head of intermediaries, said: “This is a great step forward, particularly for customers whose applications have been put on hold.  

“We hope this latest news is some welcome relief for those who have been unable to process their application. We will operate safely and securely and if customers do not feel comfortable, we will work with them to arrange a valuation when they are comfortable to do so.” 

 

NatWest 

NatWest has confirmed it will restart physical valuations for residential and buy to let applications. 

These valuations will apply to properties where the occupier has allowed access and the valuer confirms is safe to enter. 

The changes exclude properties in Northern Ireland, Scotland and Wales and applications where a homebuyer’s report or building survey has been requested. If an occupier does not give access or a valuer does not deem it safe, a physical valuation will not take place. 

NatWest will provide updates as guidance changes in the other regions in the UK and where it is not able to complete a property valuation, the application will be put on hold. 

The bank will instruct valuations on applications which have been put on hold before it move on to other properties. 

 

Platform 

Platform, part of Co-operative Bank, will work on applications that are currently on hold, completing them in date order starting with the oldest applications first.  

Platform has asked brokers to inform them if there are any material changes to a client’s circumstances or if they no longer want to progress with the application. 

Where a physical valuation is not possible, Platform will carry out a desktop valuation or put the application on hold. 

Desktop valuations are available for residential remortgage and revaluations up to 80 per cent loan to value (LTV) and residential purchases up to 75 per cent LTV. The maximum property value is £1m in Greater London and £750,000 elsewhere. 

Buy to let applications above 60 per cent LTV, new-build properties, non-standard construction, residential purchases above 75 per cent LTV and residential remortgages above 80 per cent LTV will not be eligible for desktop valuations. 

Platform is reintroducing buy to let mortgages at up to 60 per cent LTV from 20 May 2020 and will be making rate reductions of up to 10 basis points to certain on sale products from Wednesday. 

Fred Sharp, head of intermediary business at Platform said: “We are glad to reintroduce physical valuations in line with the guidance from today. The safety of our customers and valuers remains our number one priority and valuations will involve a detailed safety assessment.  

“We understand that some customers will not feel comfortable letting a valuer into the property at this time, where this is the case we will attempt a desktop valuation or place the valuation on hold where this option is not possible.”