Mansfield Building Society introduces Zero Contact valuations to support lending

Mansfield Building Society has agreed to introduce an enhanced Desktop Valuation process to help keep residential and buy to let mortgage applications moving whilst the Government’s lockdown restrictions remain in force.

Available for both purchase and remortgage, the Society can now progress mortgage applications at an increased LTV of 75% for residential mortgages, and 70% LTV for buy to let.

The remote valuations are delivered by the Society’s valuer, Gateway, and include an online questionnaire completed by the occupier, together with photo or video uploads to support the detailed property research undertaken by the valuer.

This latest development is a big step forward and helps provide access to the Society’s comprehensive range of residential and buy to let mortgage products.

Borrowers will be offered the new ‘zero contact’ valuation service to help progress cases through to completion without breaching lockdown rules. However, applicants are still able to choose a standard valuation if they would prefer to wait and be reassured by a physical inspection.

National Development Manager, Paul Lewis, said that this move showed a real determination by the Society to offer borrowers an innovative solution, to help provide mortgage finance throughout the ongoing crisis:

“We pride ourselves on being a flexible and pragmatic lender that’s eager to help brokers and their clients with their mortgage needs. By accepting the new Zero Contact valuations, we can progress applications more quickly for those borrowers who are willing to accept this type of property assessment.

We’re keen to ensure that we’re supporting the mortgage market as much as possible, so we’ve taken these proactive steps to provide a viable mortgage solution for borrowers wanting to purchase, remortgage or invest now.”

Published: 05 May 2020