Scottish new build valuations changes

With effect from 3 September 2012, we'll be making the following changes to our valuations policy on Scottish new build properties:

  • We will no longer accept valuation reports that have been instructed independently of TMW and transcribed onto a TMW mortgage valuation report

  • Instead, we will ask for a valuation fee to be paid with your client's application, which we will use to instruct a valuation for mortgage purposes only, using a firm on our panel.

How to process Scottish new build applications from 3 September
When processing your client's new build application, our TMW Online system will ask the question 'Is the property located in Scotland?' If you answer 'Yes', you will then be asked 'Has a valuation been carried out for your client?' Please answer 'No.'

If your application needs to be submitted on a paper application form, please include the necessary fees and send it to the following address:

Mortgage Processing
The Mortgage Works
Portman House,
Richmond Hill
Bournemouth,
BH2 6EP

Pipeline cases
Applications received prior to the 3 September through TMW Online will be processed under the existing valuation criteria.

Paper applications posted to the above address with a postmark of no later than 2 September 2012 will also be processed under the existing valuation criteria.

For the existing criteria to apply, the valuation must have been carried out prior to the 3 September 2012.

For further details on our valuation criteria you can visit our website; and if you have any further questions regarding these changes you can phone our Sales Support team on 0845 601 0763 or contact your local BDM.