Mortgage valuation
Aldermore and Paragon will reinstate in-person mortgage valuations for purchases and remortgages in England. This aligns with updated government guidance from May 10th. The resumption will follow strict social distancing and safety protocols.
Aldermore’s Measures
Aldermore will conduct thorough risk assessments before each valuation, prioritising surveyors’ and residents’ safety. Remote valuations will continue in Scotland and Wales. Applications requiring physical valuations in these regions are paused until restrictions ease. Buy-to-let property valuations in England will resume soon. Aldermore will continue remote valuations where possible. Larger rental properties like HMOs will not have physical valuations until social distancing measures relax further.
Paragon’s Measures
Paragon has introduced measures to mitigate COVID-19 risks during property inspections. These include pre-valuation safety assessments and maintaining a two-meter distance inside properties. Surveyors will use protective gear such as masks, gloves, and shoe covers. Paragon communicates with landlords, brokers, and managing agents to ensure awareness and comfort with these enhanced processes. The focus is on rescheduling visits arranged before restrictions and addressing backlog cases.
Statements from Industry Leaders
Jon Cooper, head of mortgage distribution at Aldermore, said: “We are keen to help many customers in the UK with their home buying and selling plans. However, we must be cautious and responsible as we reopen. The new Government guidance is encouraging for the housing market. Ensuring safety is a priority and will build long-term confidence. Protecting our customers and surveyors is our primary consideration. We are committed to meticulous social distancing procedures. We are working towards physical valuations for buy-to-let properties and will update on this soon.”
Richard Rowntree, managing director of mortgages at Paragon, added: “Paragon acted swiftly during the lockdown, adapting to restrictions with revised processes like desktop valuations. We’re pleased to resume physical property valuations safely. Our experienced surveyors are well-positioned to resume operations quickly. This will help jump-start the property market and the wider economy following the Government’s lifting of restrictions.”
We’ve come to the end of our discussion on “Mortgage valuation” until next time.