HTB introduces desktop valuations

The maximum loan size is £550,000 or, if the property is within London, £750,000.

Certain property types are excluded from desktop valuations.

The restrictions include:

• BTL only; no HMO or semi commercial
• no new build
• no studio flats
• no flats in buildings over six floors
• no properties with five or more bedrooms
• no multi-unit freehold blocks

This update follows the announcement made yesterday to increase the maximum LTV on borrowing to 75%.

Alex Upton, commercial director at HTB (pictured above), said: “We have revised our approach to adopt the use of desktop valuations where possible.
 
“Valuation is such an important issue, and even though the restrictions have been lifted for physical inspections, this additional ability to use desktops provides an alternative as the industry works through the backlog. 

“This approach demonstrates our commitment to giving brokers the tools they need to help their clients navigate through a somewhat uncertain property market.”