The valuation process builds on the automated valuation model (AVM) by combining risk assessments with third party data and surveyors’ local knowledge.
E.surv said this allows it to carry out accurate valuations while keeping its surveyors safe from the coronavirus. Each lender has worked with e.surv to tailor the remote valuation system to its risk profile.
Valuation companies ceased physical surveys in March to comply with the government’s social distancing and non essential travel rules to slow the spread of Covid-19.
But the measures have meant that the majority of lenders have stopped offering mortgages for purchases above 85 per cent loan to value, or properties made of a non standard construction which require a physical valuation.
Some mortgage applications will not be applicable for the new valuation service, but many previously suspended applications are now moving forward to completion, according to the firm.
Richard Sexton, director at e.surv, said: “Since the start of the COVID-19 crisis, we have worked closely with lenders to agree an accurate and safe alternative to physical valuation and we are continuing to improve our offering.
“We completed thousands of remote valuation cases last year and we expect to see an uplift in demand in 2020. By the end of next week, we anticipate being live with at least 14 lenders from all sectors.”
He added: “Colleagues throughout the business continue to work hard in challenging circumstances, to support lender requirements. Our management team is extremely proud of these colleagues and our considered response to this crisis. With some lenders suspending use of AVMs, we anticipate a growth in demand for remote valuations in the coming weeks and months.”