Hanley Economic Building Society has confirmed it will allow automated valuations on a case-by-case basis for applicants borrowing up to 70 per cent loan-to-value.

The lender has also revealed that it will be passing on the 65 basis point cut in the Bank of England base rate to its standard variable rate borrowers on May 1.

Following the reduction, its new SVR will be 4.79 per cent.

In a market update it says: “Like the vast majority of lenders, the Society is in the process of refreshing a number of mortgage-related products in line with current market conditions. 

“However, it is still accepting applications across all areas of lending including residential, buy-to-let, shared-ownership, retirement interest-only and self-build.

“Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and all products remain available through the branch network and selected intermediary channels. “Following the current government restrictions on social distancing, a lack of physical valuations will impact some applications until further notice.”

Head of marketing and business development David Lownds says: “We understand that many of our intermediary partners and borrowers are anxious about the current situation. 

“However, I can offer our assurance that we are fully committed to supporting each and every one through this difficult period and beyond.”