The Swift Group has increased its lending limits up to 75% LTV to 750,000.
The previous limit was a value of 500,000 and Swift will continue to lend on properties valued over 750,000 at a reduced 70% LTV.
Also, Swift has raised the LTV limit on drive-by valuations to 70% from 65%. These changes apply to both first and second charges.
John Webster, chief executive of Swift, says: With house prices continuing to increase almost three times faster than earnings it is no great surprise to see loan to value percentages rising to accommodate this change.
At Swift we always try to be proactive in making changes that show how a little bit of flexibility can make life easier for the intermediary.
“We wanted to cater for greater loan sizes and speed up the processing of applications.
“Raising the LTV limit for larger loans and drive-by valuations will help greatly.
Drive-by valuations will continue to be complementary to the use of AVMs in our overall service proposition.
“These changes broaden the number of cases where an intermediary can recommend Swift and also improves their service to clients.