Bath Building Society Temporarily Caps Mortgages at 70% LTV
Posted on 24th March 2020
The Society has announced that all fixed rate and variable mortgages above 70% loan-to-value (LTV) have been temporarily withdrawn from sale.
A restricted range of the Society’s niche mortgage products including Buy To Let, Buy For University, Houses of Multiple Occupancy (HMO), Ex Pat Buy To Let as well as Standard Residential mortgages remain available with an LTV of 70%. The popular Retirement Mortgage remains unchanged with an LTV of 50%.
Head of Mortgages, Steve Matthews, said: “As the coronavirus outbreak continues to have an impact, we are focusing on supporting existing customers and processing applications. These temporary measures do not affect existing applications. With physical valuations currently on hold these are cautionary measures essential to manage risk and process cases efficiently.”