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Nationwide and Accord clarify valuation processes

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  • 27/03/2020
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Nationwide and Accord clarify valuation processes
Nationwide Building Society and Accord Mortgages have suspended in-person valuations in response to government instructions on social distancing during the health crisis.

 

Nationwide will increase its use of automated valuation model (AVMs) and remote desktop valuations in an attempt to complete as many as possible. 

It will continue to accept applications as normal. 

 

Accord  

Accord will continue to accept applications for all properties, loan to values, values and mortgage purposes. The lender will review its position on standard valuations on 30 March. 

As for existing requests for homebuyers reports and full building surveys, Accord is unable to carry these out and will contact applicants to discuss options on properties where surveys have been instructed but surveys have not been carried out. 

New survey requests will be given the option of proceeding with a standard valuation, cancelling the request, or proceeding with the survey and waiting for government advice to change. 

The lenders join NatWest, Halifax, Pepper Money and Santander in halting physical valuations in response to government guidelines. 

 

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