"Where we can find an alternative to a physical valuation, we can continue lending on new applications and process those currently in the pipeline."
Using either desktop valuation or an automated valuation model, Accord will lend up to 85% LTV on residential remortgages, 75% LTV on residential purchases, and 65% LTV on buy-to-let remortgages.
As valuers are unable to physically inspect properties due to social distancing measures relating to Covid-19, Accord is currently unable to lend on buy-to-let purchases, new builds, flats, properties in Northern Ireland, properties valued at more than £1m, or non-standard methods of construction.
Additionally, following guidance issued by UK Finance, the Law Society of Scotland and Register of Scotland, and advice from Accord's Scottish legal advisers, Scottish completions will continue to take place.
Accord is continuing to complete an electronic ID (EID) check for all applications. For any applications that do not pass the EID check, it requests copies of ID documents, but as per its standard policy, these do not need to be certified.
Whilst Accord would normally expect a broker to have seen and taken a copy of the original ID documents before submitting the application, given the current social distancing measures in place, brokers may not have or will be unable to obtain original documents to copy.
In these circumstances, Accord is temporarily accepting copied documents where the broker has not seen the original eg. where the customer has taken a copy/photo and sent that to the broker electronically.
All changes also apply to lending from Yorkshire Building Society.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Given the nationwide restrictions on valuations, we have reviewed our policies to ensure, where we can find an alternative to a physical valuation, we can continue lending on new applications and process those currently in the pipeline.
“We know brokers are under a lot of pressure at the moment, so we hope these clear guidelines will enable brokers to provide the most accurate information to their clients and allow our underwriting teams to progress the cases which fall within the guidelines as quickly as possible.”
