Aldermore & Paragon are set to reinstate in-person mortgage valuations for both house purchases and remortgages in England, aligning with updated government guidance issued on May 10th. The resumption of physical valuations will adhere strictly to social distancing and safety protocols.
In compliance with the new guidelines, Aldermore is committed to conducting thorough risk assessments before each valuation appointment, prioritizing the safety of surveyors and residents. While remote valuations will persist in Scotland and Wales, any applications requiring physical property mortgage valuations in these regions will be temporarily halted until social distancing restrictions ease.
Buy-to-let property valuations in England are expected to resume shortly, with Aldermore continuing remote valuations where feasible. Notably, larger rental properties like HMOs will not undergo physical mortgage valuations until further relaxation of social distancing measures.
Paragon has also unveiled a set of measures designed to mitigate COVID-19 risks during property inspections. These include comprehensive pre-valuation safety assessments, maintaining a minimum two-meter distance for surveyors inside properties, and providing protective gear such as masks, gloves, and shoe covers.
Paragon is actively communicating with landlords, brokers, and managing agents to ensure awareness and comfort with these enhanced inspection processes. The focus initially lies on rescheduling visits that were arranged before government restrictions were implemented, as well as addressing backlog cases.
Jon Cooper, head of mortgage distribution at Aldermore, said: “We are keen to help the many customers in the UK looking to get going on their home buying and selling plans, but we must be cautious and responsible in how we open up. The new Government guidance is encouraging in allowing the housing market to get moving again, and ensuring safety is a priority will help build confidence in the long term. “Protecting our customers and surveyors is our primary consideration, so we are committed to meticulous social distancing procedures. We are working towards physical valuations for buy-to-let properties and will have an update on this shortly.”
Richard Rowntree, managing director of mortgages at Paragon, added: “Paragon acted swiftly and efficiently to lockdown, adapting to restrictions by implementing revised processes such as desktop valuations. However, we’re really pleased to resume physical property valuations where it is safe for us to do so. “We benefit from our own team of experienced surveyors, so we are well-positioned to resume our operations to pre-lockdown levels quickly. This means we’ll have a key role in jump-starting the property market and wider economy following the lifting of restrictions by the Government.”
We’ve come to the end of our discussion on “Mortgage valuation” until next time.