The Melton Building Society is launching its new desktop valuation service for mortgages up to 90% loan-to-value. On the other hand, Swansea Building Society has increased its use of “drive-by” inspections.
From tomorrow, Melton will allow desktop valuations on all cases that meet these criteria apart from new-builds.
The new service will also be available on products through its credit-repair subsidiary MBS Lending.
Melton head of sales and marketing Dan Atkinson says:
“The situation around coronavirus continues to change and we are adjusting to the ‘new normal’ way of life.”
“We are committed to ensuring that we can continue to service our brokers and our customers and we have therefore adapted our proposition to allow for desktop valuations to be completed on the majority of our products.”
“This solution will enable us to continue processing applications with a streamlined approach, considering the all-important safety of our customers.”
Valuations on mortgages up to 60 % LTV
Swansea Building Society says:
It will allow drive-by valuations on mortgages up to 60 per cent LTV excluding self-build and renovation mortgages.
However, it says these cases will still require a physical valuation at a later date.
The lender also says the change will enable cases to proceed to offer a stage to receive an initial satisfactory valuation report.
Desktop Valuation Service – a good solution
Swansea chief executive Alun Williams says:
“In these unprecedented times, we are constantly seeking new solutions to some of the difficulties our customers face.
“We believe this is a good solution to the challenge of surveyors not being able to access properties physically and it should allow the property market to continue to operate in some form despite the lockdown in the UK.”
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