Valuation Process
I am pleased to announce that are now able to complete desktop valuations for house purchase and remortgage (to include Buy to Let) for applications up to 70% LTV. Please be advised of the following conditions that will apply to this new process:
- A desktop valuation is not available for all property types, please refer to the following link for full details of the exemptions that will apply:
www.thetipton.co.uk/intermediaries/desktop-valuation-criteria
- All mortgage offers above 60% LTV will include a requirement for a physical valuation to be completed prior to release of funds. We do, however reserve the right to re-validate the value of the security for any application if considered appropriate, this will be detailed within the offer document.
- We continue to accept residential applications above 70% LTV (up to 90% LTV) but offers will not be released until a physical valuation has been completed.
Income Criteria
- Bonus/overtime payments will continue to be considered for key workers only, based on their last 12 months average earnings
- Applications will be considered from furloughed staff, but any offer will be conditional on us being able to re-validate their income and employment prior to completion
- Self-employed applicants must be able to demonstrate a clear 3 months income feed along with their SA302s – which will also be subject to re-validation prior to completion
- Applications for zero hour contracted “key workers” can still be considered
New lending exclusions
- Remortgage applications for debt consolidation
- New build flats
- Shared ownership properties
Should you require any further information regarding any of the above changes please do not hesitate to contact me, your local BDM, or our intermediary desk on 0121 521 4000, email newbusiness@thetipton.co.uk
