Quicker valuations speed up Leeds mortgage applications
Leeds Building Society has changed how it instructs surveyors for valuations to help to speed up the mortgage application process.
During the summer, the Society launched a pilot scheme to instruct a valuer the same day it received a mortgage application, instead of waiting until it received a fully-packaged case from the intermediary.
This change has now been made permanent although the mortgage broker can choose to have the case fully assessed before the valuation if they prefer.
“We received a really positive response to the pilot so we’re delighted it was a success and we’re able to make this change permanent,” said Martin Richardson, Leeds Building Society’s Director of Business Development.
“In our tests instructing the surveyor sooner during the application process saved up to five days overall so intermediaries and their customers can receive confirmation of their mortgage offer more quickly.”
The change to the valuation process follows other service and criteria improvements and product innovation by the Society this year, including:
- Launching part and part interest only mortgages up to 75% LTV, with a maximum of 50% on an interest only basis and the remainder on a capital and repayment basis.
- Increasing available LTVs on new build properties in England, Scotland and Wales up to 90% LTV on houses and up to 85% on flats (previously 85% and 80% respectively).
- Increasing procuration fees for directly authorised intermediaries, bringing these level with fees for appointed representatives and in line with similar fees in the market
- Increasing the maximum number of Buy to Let properties in a borrower’s portfolio from four to eight.
Notes to Editors
Awards won by Leeds Building Society in the past 12 months include the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2015, in addition to being named ‘Best Intermediary Lender’, both for the second consecutive year. The Society also received the award for ‘Best Use of Technology (Lenders)’.
Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.