Fleet becomes latest lender to recommence physical valuations

Fleet Mortgages has announced that physical valuations in England have recommenced on its pipeline business, with new applications being processed as per its usual process.

Related topics:  Mortgages
Rozi Jones
14th May 2020
house price valuation
"We are very pleased to announce that physical valuations in England have recommenced on our pre-valuation pipeline of cases"

The lender had postponed all valuations as a result of the Government lockdown at the end of March, but says inspection of properties within England will now begin allowing it to recommence the process of moving its applications through to offer.

Fleet follows HSBC, Santander and Halifax, who all announced a return to physical valuations since the new government guidelines came into force yesterday.

At present, Fleet has a current product range including two and five-year fixed-rate options for individual landlords, limited companies and those financing HMOs and multi-unit blocks, available up to 60% LTV.

Fleet says new applications will be processed strictly in the order received and where all relevant fees are paid, and the lender has committed to keeping all advisers notified of its lending appetite as this increases over time.

It has no plans to run a funds booking ‘tranche management’ system and will manage application volumes on a day-to-day basis.

Steve Cox, distribution director at Fleet Mortgages, commented: “Following confirmation from our valuation panel manager, we are very pleased to announce that physical valuations in England have recommenced on our pre-valuation pipeline of cases, while any new applications received will be processed in the normal manner, with valuations instructed where all appropriate fees have been paid.

“While we are open for new business and our process is ‘business as usual’, initially we are going to keep a tight rein on volume as we await to see how the capital markets react and how the situation plays out with the unlocking of the RMBS markets.

“Positively, our funders are very supportive of the buy-to-let sector in a post-Covid-19 environment, and that bodes well for us increasing our appetite as we move forward, however we want to stress to advisers that we will be adopting a cautious approach initially.

“Our focus will be on working with our distribution partners and advisers to communicate the path forward and how Fleet will work with them and their clients in this period and beyond. This is an important step for both Fleet, and the entire specialist lending market, and we are confident it is the beginning of a return to a new version of normality after what has been a very challenging few months.”

 

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