The UK’s largest residential property valuation provider, e.surv, has revealed it is now using the accumulated data and insight of its new-build database to quickly identify sites which are suitable for remote valuations. The Remote Valuation for New-Build product brings a data-led methodology to the market, which the firms has suggested will increase speed – taking an average of 4 days less than a physical valuation – as well as inject cost benefits while reducing carbon emissions from fewer site visits.

The Cambridge Building Society has held a ballot to select two tenants who will receive up to 70% of their rent back for a deposit for their first home, as part of the society’s unique “rent to home” initiative. Compliance senior manager, Hannah Gladwell, launched the ballot, using a replica of the wooden ballot box first used by the mutual society in 1850 when they were founded to help local people have a home. The Cambridge’s initiative is the only one of its kind in the UK and gives back up to 70% of the rent paid by the tenant to be used as a deposit for a first house.

Nottingham Building Society has announced the first of a series of changes to its mortgage criteria, designed to help more individuals in their pursuit of homeownership. The society suggested its changes can streamline the mortgage application process and expand eligibility for a broader range of borrowers. The first changes being announced have seen The Nottingham reduce the minimum length of time a contractor must have worked on fixed-term contracts in the same profession to just 12 months. There will also be no minimum time required on their current contracts and contractors working via an umbrella company are acceptable using 46 weeks income. The Nottingham revealed that the aim of its changes is to make it easier for contractors to secure a mortgage with the lender and reflects how the employment market is evolving.

Spring Finance and Newable Commercial Finance have completed an £835,000 regulated re-bridge that funded in under two weeks from the initial enquiry. Nick Webb of Newable initially approached Spring with the re-bridge as the firm needed a quick turnaround and a lender that could take a flexible approach, as he knew the applicant would be out of the country for much of the application process. Spring’s process of carrying out an upfront review to issue credit backed terms gave Nick the confidence to proceed with Spring. The valuation was instructed on the day of application and the surveyor was able to have the visit conducted within two days. Spring issued the client an offer a week later and from this point, completed within four days.

VAS Panel has introduced a new guaranteed fee scale for valuations of standard residential properties with an estimated value of £2m. The move, a first in the specialist finance market, offers short form templates from £265 excluding VAT for single houses, single flats, and single buy-to-lets in England, assuming market rent is provided. The property must be mortgageable condition with kitchen and bathroom. Benefits of a guaranteed fee scale for lenders and brokers include instant instructions with no waiting for quotes, consistent and transparent pricing for applicants as well as a shortened timescale of the valuation process. VAS Panel will provide the service through its full valuation panel management system made up of over 500 residential valuers across the UK.

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