Zephyr restarts BTL lending

  • 21/05/2020
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Zephyr restarts BTL lending
Zephyr Homeloans has resumed lending after it was able to restart physical valuations.


The buy-to-let (BTL) lender was forced to pause its applications as a result of the coronavirus restrictions but is now resuming operations with mortgages available at up to 60 per cent LTV with a maximum limit of £1m.

Two, five and seven-year fixed rate products are available with rates starting from 3.19 per cent for a two-year fix with 1.5 per cent product fee.

In a communication, Zephyr said that alongside taking new instructions, it will be working through its pipeline with panel surveyors as quickly as possible and had contacted brokers with applications in progress.

It noted that strict protocols will be followed at all times during the property inspection process to protect the health and safety of the occupiers and the surveyor.

Zephyr added that if a valuer visits a property after a pre-valuation risk assessment has been carried out and the occupier does not comply with the agreed protocol, the valuation will be charged in full even if this could not be carried out.

The lender also noted that it was working to its usual service levels for all types of applications and conveyancing was continuing with solicitors working at home.


Three month offers

For cases in the pipeline prior to 31 March 2020, offers are valid for six months and Zephyr said it had an offer extension process in place.

However, for any new applications submitted from 31 March, the offer validity has been reduced to three months.

Zephyr Homeloans managing director Paul Fryers said: “It’s great news that physical valuations are possible again and that we can now support new customers and progress existing loan applications.

“Now that physical inspections are available, our primary concern is ensuring the safety and well-being of all parties – tenants, valuers, landlord and anyone else on site.

“As a specialist lender, we’re working hard to assess how the funding market reacts to the changes and challenges brought on by the pandemic and will keep our network, packager and broker partners up-to-date on any product changes we make to serve them and their customers better during this difficult period.”


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