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Update: Nationwide and Skipton latest to confirm return to physical valuations

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  • 13/05/2020
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Update: Nationwide and Skipton latest to confirm return to physical valuations
Nationwide and Skipton Building Society are the latest high street lenders to book in physical valuations on stalled mortgage applications after the government gave the green light for the housing market to reopen after coronavirus lockdown restrictions were eased.

 

An email from Nationwide to brokers read: “For properties on hold because they aren’t suitable for a desktop valuation, we’ll aim to contact the applicant/vendor by 29 May to arrange a booking date, subject to an initial safety assessment and customer agreement. We anticipate most valuations will be carried out before the 12 June.

“We also understand that some customers won’t be comfortable letting a valuer into their property at this time, or whose health situation means this isn’t an option.

“Where this is the case, we’ll place the valuation back on hold and you’ll need to notify us when your client is ready to proceed.”

Mortgage brokers have been asked not to call Nationwide to check valuation dates. Instead they should check the case tracking system which will be updated when a valuation date has been arranged.

Skipton Building Society has also started to rebook valuations on paused applications.

Skipton for Intermediaries said it was resuming physical valuations for both residential and buy-to-let applications in England. The society will contact brokers by email and will contact borrowers by text message to confirm valuation dates.

 

Halifax, HSBC and Santander

Halifax Intermediaries started to communicate with its brokers on 13 May, and has begun arranging valuations. It expects the first in-person surveys to begin on 18 May.

HSBC impressed brokers by sending out emails confirming valuation bookings within hours of the publication of the government’s guidance on how to safely work in other people’s homes on 12 May.

The bank said it will begin arranging valuations on the oldest paused cases first but if there are any urgent requests a fast track option would be considered.

HSBC said it had worked hard to progress as many cases as possible by using desktop and automated valuations.

HSBC UK head of buying a home Michelle Andrews said it was a very welcome step forward towards some kind of normal.

“We have worked hard to continue to take forward applications with desktop and automated valuations, but that has not been possible in all cases,” she said.

“We will be systematically working our way through those applications that have been paused, and our surveyors will be in touch with customers or the property occupant at the earliest opportunity to make an appointment so applications can move forward.

“There is no action needed on their part, or by mortgage brokers, to apply again for a valuation. We will be in touch over the next few weeks to make arrangements.”

Santander too has been quick off the mark in kick starting stalled applications. Mortgage brokers took to twitter to celebrate the bank’s swift response.

Graham Sellar, head of mortgage distribution, said: “We’re working with valuers to make sure that we can safely support physical valuations as soon as possible.”

Earlier, Accord confirmed it would be restarting physical valuations this week, and from 15 May it will be increasing its loan to value to 85 per cent.

 

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