BTL Landlords Using Remote Valuations
Landlords are now taking advantage of being able to supply uploaded video footage and photos of their properties to chartered surveyors during the lockdown.
Home sellers are now able to provide valuers a virtual tour of their property so as not to breach the current lockdown distancing restrictions; some mortgage lenders are jumping on board by accepting this type of service.
A spokesperson for a specialist buy-to-let mortgage broker, said: “This is an interesting innovation. A lot of our landlord clients are taking advantage of remote valuations being offered by buy-to-let lenders.”
According to the specialist buy-to-let mortgage broker, BTL investors are using virtual valuations in acquiring mortgages for residential properties of up to 75% of loan-to-value (LTV).
The spokesperson continued: “Lenders who require a physical valuation at a higher LTV are generally processing landlords’ remortgage applications as normal – but moving the valuation part of the application to the very end.
“A significant percentage of our landlord clients are happy to do this. They’re content to sit back and wait out the lockdown and get a physical valuation done.”
“But with valuers banned from visiting homes, landlords are finding remortgaging harder than it was. This potentially offers an interesting way forward.”