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MT Finance lowers LTVs and outlines valuation guidelines

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  • 07/04/2020
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MT Finance lowers LTVs and outlines valuation guidelines
MT Finance has reduced its loan to value (LTV) maximum levels in response to the Covid-19 pandemic.

 

The bridging lending will offer up to 65 per cent loan to value (LTV) against residential properties for both first and second charge loans. Previously it offered 70 per cent LTV.

The reasoning behind it is because there is so much uncertainty as to which way the property market is going to go – this safeguards against falls in values and protects the client, as well as the business, in the long run.

For semi-commercial properties it will also lend a maximum of 65 per cent LTV also on first and second charge applications.

The loan to value for commercial properties has been restricted from 65 to 55 per cent LTV for first charge commercial property loans.

The lender said it was working at “sensible” LTV levels to allow transactions to proceed while protecting itself against further changes in the market.

Its is able to provide valuations throughout the UK and has a fully operational solicitors’ panel, it added.

In some cases, it will consider existing valuations from within the last three months alongside an audit from one of its panel valuers.

 

BDM joins

The lender also added Chris Parr as its business development manager for the Midlands and North of England.

Parr joins from Fiduciam and has over 20 years’ experience working for various banks and specialist lenders, including business development roles at Precise Mortgages and Masthaven.

He will be responsible for supporting brokers in the Midlands and North of England and will work alongside the existing team of BDMs.

Parr said he was looking forward to working with commercial director Gareth Lewis again after their time at Precise.

“I look forward to building on the success of MT Finance in the Midlands and the North of England by delivering the company’s flexible proposition to brokers,” he said.

Gareth Lewis, commercial director (pictured) added: “We are delighted to bring Chris on board. His experience and wealth of knowledge will play a vital role in supporting brokers in these challenging times.”

 

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