Call Us Now
24
MAR
2020

Mortgage Valuations

Posted By :
Comments : Off

Yesterday’s Government announcement had an immediate impact on mortgage valuers with many electing to cancel appointments for the foreseeable future.

For the majority of mainstream lenders this doesn’t have a great impact with the majority using desk based research and auto valuation models and employ risk based modelling to assess whether they need to instruct a physical valuation or not. As an example when you ask for a Decision In Principle with Nationwide they will confirm whether an AVM will be used or a physical valuation will be required. Lenders are looking to work with customers who wish to purchase a property and understand that it may take longer to value the house if a physical inspection is required.

Lenders in the Buy to Let space are in a slightly different place with the majority of purchases needing a physical valuation to validate the property and its rental yield. So in the short term, borrowers may experience delays in the buy to let purchase market.

About the Author
  • YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
    Whilst MortgageAbility does not charge for mortgage advice, please note that there will be an administration fee for arranging mortgages. The precise amount will depend upon your circumstances but we estimate it will be £395, payable on completion. MortgageAbility gives you the option to pay a non-refundable fee of 1% of the mortgage loan payable with the application. If this option is taken, MortgageAbility will refund any commission received from the lender.