In recent weeks I have spoken about the ways in which BTL lenders have been working hard behind the scenes to find alternative solutions to overcome ongoing valuation issues and restructure product ranges which better support landlords and the intermediary market. And this raft of planning was put into practice pretty much overnight as physical valuations were given the green light to proceed – albeit with safety measures and social distancing restrictions firmly in place to minimise any risks posed by Covid-19.

Inevitably, this was the trigger for a number of lenders to spring into action.  Apologies in advance if I miss any lenders off the list below, but it’s important to highlight those who have opened, or reopened, their doors as a result of this important turning point for the mortgage market. Not to mention the new product ranges on offer.

We’ve seen Aldermore, Bank of Ireland UK, Clydesdale Bank, Fleet Mortgages, Foundation Home Loans, Metro Bank, Paragon, Pepper Money, Platform, Shawbrook, Virgin Money and Zephyr Homeloans announce a resumption of physical mortgage valuations on properties in England. All stressing the important caveat that this will only happen if the right level of safety measures are in place for both occupiers and valuers.

Foundation has also created and launched a range of buy-to-let and residential products. For BTL, all products are available to individuals and limited company borrowers, with a choice of both two- and five-year fixed rates in its F1, F2 and F3 ranges, as well as for both houses of multiple occupancy (HMOs) and large HMOs. Also included are two-year BTL discount products which have no early repayment charges available for both F1 and F2 borrowers. These rates start at 2.94% for F1 borrowers at a 60% loan-to-value ratio.

In other product news, specialist lender OneSavings Bank (OSB) has introduced a new buy-to-let product range across its three lending brands: Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial. OSB has increased the loan-to-value ratio to 75% across all the brands’ buy-to-let ranges. These rates apply to products including HMOs of up to six beds and multi-unit freehold blocks for remortgages and for limited companies.

LendInvest has updated its buy-to-let range following the recommencement of valuations. It has also reintroduced its five-year fixed rate 75% LTV product, which will be available at a rate of 3.99%, with 70% LTV available at 3.49% and 65% LTV at 3.29%.

Hampshire Trust Bank is now accepting desktop valuations for buy-to-let properties with a maximum loan size of £550k, or £750k within London. This is on the back of a recent increase in loan-to-values (LTVs) to 75%.

Finally, Accord Buy to Let has also increased the maximum LTV for remortgage customers to 75% and reintroduced house purchase products up to 75% LTV. Both of these products include a £1,495 product fee, free standard valuation and either £250 cashback or free standard legal services. For landlords looking towards property purchases, products include a two-year fixed rate at 1.71% at 60% LTV with £950 product fee, and a five-year fixed rate at 1.81% at 60% LTV with £1,495 product fee. Both of these products include free standard valuation and £500 cashback.

Catching up with the backlog of pipeline cases will take some time, and we must remain patient, but the return of physical valuations is a hugely positive step in the right direction and has served to reignite the mortgage market. In addition, many BTL lenders will continue to support this with desktop valuations and AVMs where possible, meaning we can all look forward to the next few weeks with greater levels of optimism.