"We hope that the Government’s strict measures introduced this week start to make a real impact on the coronavirus pandemic, and that the product and criteria changes imposed will soon be relaxed."
The Society has also imposed restrictions on all new buy-to-let business, including the temporary suspension of lending on holiday lets and reducing the maximum LTV to 65%.
The lender stressed that lending to 80% LTV is still subject to valuation. As a result of new social distancing rules in the wake of the Covid-19 outbreak, surveyors are currently unable to visit properties to carry out physical mortgage valuation appointments.
To help mitigate the impact, The Society has adopted the use of AVMs to provide a limited but sustainable service during the pandemic. Howeve the use of AVMs is currently limited to residential remortgages up to 65% LTV.
Paul Lewis, national development manager at The Mansfield, said: “We’ve developed some terrific broker relationships that we’re keen to continue to support throughout the ongoing crisis but as you’d expect, we’ve had to temper our product range accordingly.
"We hope that the Government’s strict measures introduced this week start to make a real impact on the coronavirus pandemic, and that the product and criteria changes imposed will soon be relaxed.
"In the meantime, I would encourage brokers with new business enquiries or general concerns to contact either myself or the intermediary support team – we’re here to help wherever we can.”
