Mortgage Trust now requires that valuation instructions for all new build flats and conversions are submitted to its surveyors department.
The lender’s surveyors department will either undertake an in house valuation or allocate the instruction to a selected panel company.
Mortgage Trust says that new build will include all flats/conversions which, at the time of the mortgage application, are within two years of an NHBC warrantry (or equivalent) being issued following physical completion.
Sources in the market indicate that this move is clearly to ensure the lender has control over new build valuations, as this side of the market is now considered high risk by most lenders.
In addition to the above, all properties, regardless of type, valued at more than £1m will now also require a valuation undertaken by Mortgage Trust Valuers.