The Buckinghamshire Building Society has simplified its current mortgage range and launched new products.
The mutual will be using AVMs for remortgages (to a maximum 70% LTV) and has also rationalised its existing core range of products for applications that fall outside of its AVM criteria.
Tim Vigeon, head of lending at the Buckinghamshire Building Society, said: “We are committed to ensuring that all customers can progress their plans without delays resulting from the current climate. We have made these changes in response to current market conditions including the recent Bank of England base rate changes and the impact of the Coronavirus lockdown.
“Our products which can be used for applications that fall outside of our AVM criteria will be underwritten and placed on hold until we are able to instruct a physical valuation of the property.
“We are committed to supporting brokers and borrowers during the lockdown period and the ‘new norm’ as the mortgage market continues to develop and adjust after the lockdown ends. Our underwriting and administration teams can be contacted on the usual phone numbers and email addresses and are here to help answer your queries.
“Our manual underwriting approach means that our underwriting team is uniquely positioned to support you and your client by making pragmatic decisions around many of the difficulties presented in the current mortgage market.
“I am delighted that we can continue to work with our broker community during this challenging time for the housing market so that they can carry on helping their clients to fulfil their goals.”