At a Mortgage Solutions Breakfast Briefing earlier this week, Paul Wareham, senior relationship manager at Colleys, owned by The Halifax, said IFAs and mortgage advisers could be key customer educators in this area and reap business benefits at the same time.
Consumers continue to be confused by the difference between the basic lender valuation and survey offering and how they compare, so the adviser is in a strong position to help the consumer and act as ‘gatekeeper’, added Wareham.
Wareham said in a recent experiment undertaken by Halifax, advisers who outlined the survey option to clients doubled take up of the product from 12 to 24%.
The ‘cost-benefit’ trade off is highly appealing with an investment of this size, he said.
He said brokers continue to be worried surveys might either distort the valuation, delay the purchase or at worst halt the deal.
But Wareham, said: “Our research suggests, if you build the relationship with the customer, they will return.”
