TMW lays out desktop valuation timeframe

TMW lays out desktop valuation timeframe

 

In an update on its intermediary website, the lender said for cases received on or before 27 March it expects the assessment will take place by 24 April.

For cases received after this date, their suitability for a desktop valuation will be assessed within four weeks of application.

It may take longer to assess cases in London, Swindon, Bristol, Northampton and Cardiff where the society has seen high demand for mortgage finance, it added.

All mortgage lenders have cancelled physical valuations as surveyors comply with the government’s social distancing guidelines during the coronavirus pandemic.

 

Valuations on hold

If a property needs a physical valuation the application will be put on hold until lockdown conditions are lifted and it is safe to carry out face-to-face visits, TMW said.

Physical valuations are required for properties such as houses of multiple occupation, certain blocks of flats, for example where an EWS1 fire safety report is needed, and new-build homes in some cases.

Desktop valuations will be considered on new-build homes if the development has been visited in the past 12 weeks and the UK Finance Disclosure Form is available.

If borrowers have requested a homebuyers report or full building survey the case will be placed on hold.

If the client decides to change to a mortgage valuation, brokers can email TMW to request this, with ‘valuation’ as the subject line.

However, the society cannot guarantee the property will be suitable for a desktop valuation.