Hampshire Trust Bank (HTB), Specialist Mortgages division are now accepting desktop valuations for Buy to Let properties with a maximum loan size of £550k, or £750k within London. Certain property types are excluded.
This update is on the back of yesterday’s announcement to increase in LTVs with immediate effect, lifting the maximum LTV on borrowing to 75%.
Alex Upton, pictured, Commercial Director at HTB, 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.”
The following restrictions on desktop valuations apply:
- Buy to Let only (No HMO or Semi Commercial)
- No new build
- No studio flats
- No flats in buildings over 6 floors
- No properties with 5 or more bedrooms
- No multi-unit freehold blocks