Nationwide is extending its 85 per cent LTV lending through brokers and its online channel.
The LTV extension covers all new lending business. Previously the building society had withdrawn new customer lending above 75 per cent LTV so it could focus on its existing members and applications.
Due to the government’s lockdown measures to keep people safe during the coronavirus pandemic, physical valuations have temporarily been paused.
To allow business to continue, the society is carrying out as many valuations as possible using remote desktop and automated valuation models (AVMs).
Nationwide said this change reflected its confidence in undertaking valuations up to 85 per cent using these alternative methods.