Barclays updates automated property valuation policy confirming it's still offering £1 million+ mortgages

by Aaron Strutt

May 01 2020

Barclays for Intermediaries has updated its automated and desktop valuation policy confirming it is still offering larger mortgage loans. 

The Covid-19 restrictions have forced the lenders to rely more heavily on their IT systems to process mortgage applications while their valuers have stopped inspecting properties.

Which homes are likely to be eligible for Barclays remote valuation?

Computer-generated property valuations are potentially available through Barclays for all residential and buy-to-let applications providing they meet the maximum loan-to-value and property value criteria.

For properties inside the M25 the policy is:

• Residential maximum 80% loan-to-value: Properties up to £2m
• Residential maximum 50% loan-to-value: Properties between £2m - £3m
• Buy-to-let maximum 75% loan-to-value: Properties up to £750,000

Rest of the UK the policy is:

• Residential maximum 80% loan-to-value: Properties up to £750,000
• Residential maximum 75% loan-to-value: Properties between £750,000 - £1.5m
• Buy-to-let maximum 75% loan-to-value: Properties up to £500,000

Barclays has set a list of exclusions so the bank will not accept properties in Nothern Ireland, properties with more than one acre of land, properties built before 1850, or listed properties.

It has also stopped lending on owner-occupied properties worth more than £3m inside the M25 and £1.5m everywhere else. Rental properties worth more than £750,000 inside the M25 and £500,000 everywhere else are not currently accepted.

Aaron Strutt, product director at Trinity Financial, says: "Most of the lenders are using system-generated property valuations so they can continue to trade while the UK is in lockdown. 

"If your mortgage application is submitted to any of the lenders and it is not selected for an automated property valuation, you will probably go into a queue and your mortgage will only be agreed once a valuer has inspected it and confirmed it is suitable security."

Call Trinity Financial on 020 7016 0790 to secure a mortgage