It is good to learn that some lenders are now resuming physical valuations for mortgage applications.
Although, during the lockdown, some lenders have been able to undertake “desktop” valuations on some properties, there are many that require a physical valuation, i.e. where the valuer needs to visit and access the property. This has meant that valuations have not taken place and mortgage offers have not been issued.
With the easing of lockdown measures taking effect from yesterday, we have been notified by three lenders that physical valuations are now being booked. Those lenders are the Lloyds Bank Group (including Halifax and BM Solutions), Skipton and Nationwide/TMW. Others are putting plans in place.
Inevitably there is a backlog, so some patience is required, but Nationwide are anticipating that most valuations will be carried out before the 12 June.