The Cambridge announce the launch of digital valuations
19 May 2020 • Products & Services
The Cambridge has announced that they will be using digital valuations to support customers continue with their house mortgage needs during these challenging times.
A digital valuation, supported by Legal and General Surveying Services, will be used on all suitable properties where the loan to value doesn’t exceed 75%, the loan size is no more than £500,000 and the value of the property does not exceed £1m.
As the Society continues to pursue its aspiration to combine both digital advancements with face to face expertise, the ability for The Cambridge to be able to remotely assess a property as acceptable security will provide customers with an alternative valuation solution during the mortgage process.
As well as providing digital support, The Cambridge are continuing to assess each mortgage enquiry on a case by case basis. The Society will assess affordability for those that are earning 80% of their usual wage up to a maximum of £2,500 a month or £30,000 a year in line with the Government’s support scheme and can use 100% of income if the shortfall is made up by their employer.
Kathy Bowes, Intermediary Manager at The Cambridge said, “We are constantly being shown examples of how people are changing their way of life and adapting to ‘the new normal’, and it’s our responsibility as a lender to adapt with them. An example of this is proven through a recent case my team has worked on. The applicants were due to complete on a property purchase, however one of the applicants had their new job start date deferred from April to September. After already having to postpone their wedding due to COVID-19 and Government restrictions, they were now facing the prospect of losing their first home too. After discussing the customer’s personal circumstances with the intermediary and being advised they had secured a temporary job with the NHS, it was agreed to issue the offer allowing them to complete their purchase in the near future.
I’m extremely proud of the Business Development Team who have been working hard to continue to support our intermediaries with their mortgage enquires throughout these uncertain times. The introduction of digital valuations demonstrates that we are fully committed to helping our intermediaries meet their customers mortgage needs”