This confirms the situation for all business submitted up to and including Thursday 26 March.
The Coventry Building Society has said pipeline applications will use a non-physical valuation on all residential and buy-to-let pipeline cases regardless of loan-to-value (LTV).
This applies to all business submitted up to and including Thursday 26 March, where a valuation has not already taken place.
However the society is cutting some LTV limits due to surveyors putting a hold on physical property inspections.
The changes will come into effect from 9am Friday 27 March and are as follows see a number of changes across both resi and buy-to-let.
On the resi side the max allowable LTV for flats is cut to 50% but houses stay at 85% with the lender increasing its maximum allowable LTV for non-physical valuations to 85%.
Applications with an LTV over 85% will be accepted and processed to the point of valuation, when they will be put on hold until a physical valuation can happen.
On the buy-to-let front applications will still be accepted. These applications will also be processed to the point of valuation and then kept on hold until a physical valuation can happen.
Remortgages will have a maximum LTV of 75% for houses and 50% for flats.
