The Telegraph - Homeowners to access better mortgage offers as banks turn to virtual valuations
Homeowners who had been blocked from switching to cheaper mortgage deals have been rescued by technology that allows banks to value properties without visiting.
Virgin Money and Clydesdale Bank are two of the most recent banks to use remote valuations to lend up to 75pc of a property's value. Nationwide said yesterday it would now lend to customers with a 15pc deposit. In some instances, HSBC said it would lend up to 90pc of a property’s value without a physical valuation.
Aaron Strutt of Trinity Financial told The Telegraph that lenders like Precise and Kent Reliance, which had halted lending, had returned to the market using remote valuations. Both had paused their lending at the start of the Covid-19 crisis.