It said that failure to get a survey costs buyers an average of £1,800 to repair hidden defects in their home, leaving some borrowers unable to keep up with their monthly mortgage repayments.
It found just one in five buyers take out a survey.
E.surv has launched a campaign to educate consumers about the importance of obtaining a survey before buying. It is working with lender affiliates and partners to ensure consumers receive suitable, TCF compliant advice about their survey options.
Richard Sexton, business development director of e.surv, said: “It’s vital that consumers are aware of the consequences of not getting a survey, and are given clear information about the range of options available to them.
“Lenders need to make it clear to their customers that a mortgage valuation won’t give them the full information about the property. We are working closely to help lenders offer more transparent advice to customers about private surveys.
“Giving better advice before, during, and after the homebuying process will help lenders ensure they meet their Treating Customers Fairly obligations.”
Alongside working with lenders, e.surv has created a multimedia campaign highlighting the importance of getting surveys and created an information centre on its website for consumers.
Sexton said: “Private surveys have been perceived by consumers as technical, overly-complicated reports that are an unnecessary expense in an already expensive process.
“Many of them are poorly advised by professionals and are not receiving suitable advice that takes into account their individual circumstances. They don’t realise that a valuation is not for their benefit but to help the bank assess how much to lend.
“Even those who do receive good advice can’t always see past the upfront cost of the survey.”
