View more on these topics

Mortgage Trust says valuations for new builds to go to its own surveyors department

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.

Recommended

The truth will out

Lord Lipsey’s admission that many pension and endowment policyholders may have been wrongly compensated will come as little surprise to advisers, who have paid the price of ‘false memory syndrome’. By John Lappin

The fault lines that led

John Bruce, a senior solicitor at City law firm Reynolds Porter Chamberlain, looks at the chain of events that led from the US sub-prime crisis to lines of anxious savers queuing outside Northern Rock branches this month

Banks are being under-regulated

I have asked the FSA to demonstrate that there is a foundation for its view that commission distorts sales and that banks offer a worthy solution to the savings shortfalls of middle to low-income groups. The FSA has supplied neither and therefore I conclude that the RDR is without foundation, perhaps even a manifestation of […]

FSA to assess all small firms on TCF

The FSA has announced a new programme of measures to increase its contact with small firms and to ensure they are embedding Treating Customers Fairly principles in their business practices.The aim is to encourage firms to make faster progress on TCF and to identify those firms most in need of guidance and “regulatory attention”.The FSA […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment