Darlington BS using desktop valuations to maintain 90 per cent LTV

Many lenders have reined in their appetites for high LTV lending amid the coronavirus outbreak and subsequent lockdown.

But DBS wants to send the message to brokers that it is “open for business” as it positions Darlington Intermediaries as a specialist lender in the market.

The lender is offering specialist deals at 80 per cent LTV and buy-to-let loans at 70 per cent LTV.

Desktop valuations have been introduced to help keep applications moving.

Ben Blyth, head of intermediary distribution, launched a new lending policy for Darlington Intermediaries in February with the aim to “make complex cases simple”.

Blyth said: “These are obviously difficult times, but new business has performed steadily during the lockdown period, and we are confident about our position as a specialist lender, with the criteria to back it up.

“Our products are competitive and, with the flexible criteria we have established this year now supported by desktop valuations, we are confident that a good number of applications can go ahead and we can support intermediaries to reinvigorate the property market.”

From May 1, the society will also be dropping its standard variable rate (SVR) from 5.95 per cent to 5.30 per cent, passing on the 0.65 per cent reduction from the Bank of England.