Tom Simpson

YBS Commercial Mortgages changes lending criteria due to Covid-19 outbreak

YBS Commercial Mortgages is adjusting its valuation methods, increasing funding limits for existing customers and changing its LTV ratios due to Covid-19.

The building society will be able to lend up to £20m to existing customers.

Maximum LTV will be 65% for owner occupied and commercial investment mortgages and 70% for corporate BTL mortgages.

A desktop valuation will be used to allow BTL transactions to be agreed in some cases, but in others it will be used to progress the deal until a physical valuation can be done.

Tom Simpson, managing director of commercial lending at Yorkshire Building Society (pictured above), said: “We see ourselves as a strong, long term partner for our customers and broker panel members.

“It is challenging for anyone to predict the duration and impact of Covid-19 on the economy and property market.

“Our aim is to provide certainty to our customers and broker panel now and to prepare for when the market returns to normality.”

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