Restrictions apply to the use of desktop valuations. They are:
- Buy to Let only, no houses in multiple occupation (HMO) or semi-commercial
- No new build
- No studio flats
- No flats in buildings over six floors
- No properties with five or more bedrooms
- No multi-unit freehold blocks
It follows the announcement yesterday that it was returning to physical valuations and increasing the allowable loan to value (LTV) to 75 per cent.
HTB commercial director Alex Upton said: “We have revised our approach to adopt the use of desktop valuations where possible.
“Valuation is such an important issue, and even though the restrictions have been lifted for physical inspections, this additional ability to use desktops provides an alternative as the industry works through the backlog.
“This approach demonstrates our commitment to giving brokers the tools they need to help their clients navigate through a somewhat uncertain property market.”