We thought we should provide an overview of how this has affected our core lenders and the products available to landlords.
This is a fast changing environment and we are working hard to keep on top of the changes that are occuring daily.
Aldermore – Allowing cases to proceed up to 75% LTV with the use of online valuations but applications for new build flats and house, Multi Unit Blocks of Flats and HMOs are currently not being accepted due to the need for a physical valuation to take place.
BM Solutions – Restricted lending to 60% LTV temporarily with the use of online valuations however will be providing a further update in due course.
Coventry – Limited applications to 65% LTV with the use of online valuations.
Fleet – Currently allowing new applications however these are being restricted to 60% LTV and will not proceed to offer until a physical valuation has taken place.
Foundation – Have currently suspended all new applications to allow them to focus on delivering support, including mortgage payment holiday arrangements.
Interbay, Kent Reliance and Precise (One Savings Bank) – Due to the unprecedented demand from existing borrowers regarding payment holidays, latest government advice and the current situation with valuations, they have taken the decision to temporarily suspend new applications for all of product lines and divert resources to support borrowers during this challenging time.
Kensington – Restricted lending to 70% LTV and currently not lending on HMOs and Multi Unit Blocks of Flats. Existing applications above 70% LTV without a valuation will be closed down. New and existing applications below 70% LTV and without a valuation will be placed on hold until alterntive solutions can be arranged (potetnially exploring online valautions).
LandBay – Still accepting new applications however they have restricted all lending to 60% LTV and are currently placing cases on hold until a physical valuation can take place.
LendInvest – Restricted lending to 75% LTV and to experienced landlords only. Currently progressing cases to offer with the use of online valuations but applying an offer condtion that a physical valuation must take place prior to completion, and for the properties that online valuations cannot be relied upon (e.g HMOs and Multi Units Blocks of flats), these will be placed on hold until a valuation can take place.
Paragon – As it stands the only change is the removal of holiday let lending, however they are announcing changes in the coming days with the potential removal of 80% lending and a solution to physical valuations.
Shawbrook – No current changes, however no valuations taking place, looking at using online valuations where possible and will provide an update in due course.
The Mortgage Works – Maximum Loan to Value reduced to 75% LTV (80% removed) and not currently lending on HMOs.
Together – Have currently suspended all new applications to allow them to focus on delivering support, including mortgage payment holiday arrangements.
Vida Homeloans – Have currently suspended all new applications to allow them to focus on delivering support, including mortgage payment holiday arrangements.
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Advocate Finance Ltd