Following the updated Government guidance to “stay at home” earlier this week, we have seen valuation panel managers across the industry stop all physical valuations. While Clydesdale Bank continues to use AVMs wherever possible for remortgage business, we have had to take a difficult decision and temporarily suspend all new purchase and buy-to-let applications.
This is a decision that we have made reluctantly, but feel that it is sensible in light of the restrictions the industry faces and allows us to continue to help those existing customers who are in need of immediate support at this time.
We appreciate that this will be a stressful time for many of your clients in the process of buying or selling a property. Where we can we will use automated valuations for residential remortgage cases. Our criteria is detailed below:
In addition to this, we are also unable to accept applications for unencumbered properties, joint borrower, sole owner and properties meeting the Bank's definition of a new build.
You may have existing applications with us that are now unable to progress while physical valuations are on hold. Your BDM will be in touch with you on a case by case basis to discuss your clients’ situation. If your client decides they want to continue with the application, we’ll keep the case in our pipeline. Alternatively, your clients can cancel and any valuation or product fees already paid will be refunded.
We will continue to monitor the situation closely and we hope to be back in the purchase market at the earliest opportunity. Supporting the housing market is in our DNA and we hope to be able to help more of your clients again soon.
Your telephone Business Development Manager is currently out of the office, so for help and support with any applications, please contact your dedicated field Business Development Manager, you can find their contact details on our BDM Finder.
Don’t forget that you can find the latest status of an application in our case tracking updates. If you do need to call us, you can find our contact details on our website.
The Clydesdale Bank Intermediary Team
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