Remortgage Market Adapts With Automatic Valuations
The Buy to Let remortgage market has reacted quickly to the current inability of surveyors to visit property due to COVID-19 outbreak.
Lenders in the BTL market usually require a physical inspection report from surveyors to agree lending and formalise a mortgage offer, however, there have been a significant amount of lenders over the past few days announcing that this hurdle will not restrict them at all in making new deals to the landlord market, nor will it stop them extending further funds.
This is very comforting to hear, especially in light of recent media reporting to the contrary.
Heavyweight lenders who have broken cover to relay to the broker market that they will continue to lend for remortgage business using automated valuation models or AVM’s include but not limited to;
|Lender||Maximum Loan To Value (LTV)|
|BM Solutions||Up to 60%|
|Barclays||Up to 60%|
|Coventry Godiva||Up to 75%|
|TMW or The Mortgage Works||Up to 75%|
|Aldermore||Up to 75%|
|Post Office Money||Up to 75%|
|Bank of Ireland||Up to 75%|
We expect to see more lenders join the above list very soon.
AVM’s are commonly used in the residential homeowner market, but until now haven’t often been used in the BTL market, they comprise gathered data from Land Registry and various other sources to provide an algorithm based value for property.
Matt Hardman, Director of The Buy to Let Broker said: “We all live in hope that over the next few weeks the world will begin the slow start to return to normal, however at least landlords now have open doors to continue to obtain the cheapest available funding for their investment property or raise funds if required to be able to assist their tenants, should this lockdown continue to last for extended periods. The team are working tirelessly from their home offices, so our clients are not seeing any disruption whatsoever to our own very high standards, we’re very proud of that”
Please talk to us here at The Buy to Let Broker if we can assist in any way, including refinances and product switches, we are here to help and assist as ever. Residential remortgages are also available to our landlords.
You can call us now on 08009499410 or simply us the callback request form below and one of our specialists will be in touch shortly.