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Mortgage Works halts buy-to-let loans for newbuild

The Mortgage Works has stop-ped accepting new applications for buy-to-let mortgages on newbuild properties owing to concerns over how the sec- tor is developing.

Valuations in this sector have come under the firm’s scrutiny after it says it found evidence that developers are prepared to do deals on price outside the formal contract.

Group development director Matthew Wyles says that, in these cases, the lender could be unaware of the price being paid for the property and end up relying on a valuation which may in turn be based on false assumptions.

Wyles says: ” We have bec-ome very uncomfortable and there are serious risks that are being posed by developers. Developers are having prob- lem selling stock and, as a res- ult, valuing the property has become a black art rather than an elegant science.”

TMW says it will reopen to new BTL applications when supply and demand becomes steady. It says it will only accept BTL applications on proper- ties aged over one year but stresses that all current applications in the pipeline will be honoured.

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