29 June 2020
5 min read
Following the latest Government advice our valuation partners will be able to carry out physical inspections of properties, including Homebuyers Report, in all jurisdictions from Monday 29 June.
Our focus over the short term will be to work applications that are currently on hold as quickly and safely as possible, we will complete valuations in date order with the oldest applications being booked first.
Please ensure you advise us of any material changes to your clients’ circumstances. In addition, if your client no longer wants to proceed with the mortgage application please let us know as soon as possible so we can prioritise applications that are progressing.
The safety of our customers and valuers remains our number one priority. Valuations will be completed in line with government guidance and will involve a detailed safety assessment. We understand that some customers will not feel comfortable letting a valuer into the property at this time, where this is the case we will attempt a desktop valuation or place the valuation on hold where this is not possible.
Desktop Valuations Criteria:
Key exclusions will be:
In a small number of instances, it may not be possible to complete a desktop valuation for cases that meet the criteria outlined.
Unfortunately, due to the nature of buildings surveys these instruction types will not be possible at this time.
The Law Society of Scotland has introduced interim measures to address the issues arising from closure of the Application Record.
The Co-operative Bank have worked with the provider of our free remortgage proposition and are now able to introduce these interim measures allowing Scottish remortgage cases to complete as planned.
Changes have been made in the following areas which should be read before progressing with an application. Alternatively call our Mortgage Desk on 0345 070 1999 hours of opening are Monday to Friday 09.00 – 17.00 and Thursday 10.00 – 17.00 to discuss your application with the team (call charges).
We may accept the application, subject to the following:
We may accept the application for clients being supported by the SEISS subject to the following:
Note: Maximum of £2,500 pm based on average maximum income of £50k.
If your applicant has two jobs with different employers the government guidance stipulates:
For further information on the Government furlough scheme please refer to GOV.UK.
In light of the current situation relating to coronavirus, the Ministry of Housing, Communities & Local Government have issued guidance advising buyers and sellers to be more flexible on moving dates and completions. They have also requested that banks extend mortgage offers where a delay in completion takes place due to coronavirus.
UK Finance have issued guidance stating that “to help home movers impacted by Covid-19, mortgage providers will give customers who have exchanged contracts the option to extend their mortgage offer for up to three months, to enable them to move at a later date”.
As delays in the house buying process are anticipated, The Bank will offer customers extensions of up to 3 months on the current 6 month validity period, in line with this guidance.
Due to the current situation relating to coronavirus and social distancing measures brought in by the government, some applicants have been unable to obtain documentation e.g. from their employer given that all non-essential businesses are closed. Physical valuations have also ceased.
To support these customers, The Bank will offer a 1 month extension on providing supplementary offer documentation as per the below. The Bank currently allows offer documentation to be valid for 6 months to support an offer to a customer before requesting renewed documentation. This will now be extended to 7 months.
The following documentation has a validity period and will be offered the 1 month extension where required:
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