As a concession, it has waived the valuation fee for drawdown requests up to12 months after completion, for cases which completed on or after 23rd September 2002.
The key benefits are:
* It saves money. A customer with a typical property value of £130,000 saves £200. For a larger property worth £500,000 the customer saves £450.
* It saves time. The no valuation concession means that Mortgage Express does not have to wait for a new valuation to be instructed, carried out and reported. This should typically save at least a week on service turnaround times, and ensure funds are released more quickly.
Product Development Manager Roger Hillier says: 'Our business levels show that the UK has a healthy Buy-To-Let market, and we appreciate that property investors want quick and easy access to funds so that they can build their portfolios. We've made this concession to give them just that'.
Please note
Mortgage Express still reserves the right to ask for a valuation if house properties fall significantly or if the customer is asking for more than their agreed drawdown amount based on the fact that their property value has increased since completion.
A customer is underwritten for a drawdown amount as part of the underwriting for their initial loan. The amount is available within 12 months of completion and is specified in their mortgage offer conditions. Any borrowing after the first 12 months or due to improved equity is still subject to a valuation.
