According to webinar poll done by Countrywide Surveying Services, which had 250 people in attendance, four in five consumers still confuse a mortgage valuation with a survey.
The poll also highlighted the need for greater consumer awareness, with 86 per cent of those surveyed saying homebuyers didn’t understand that a valuation could be completed by a computer.
Just over half, 54 per cent, said that to avoid consumer confusion mortgage valuations should not be disclosed.
Three quarters of attendees said that an information pack, with legal documents and a survey, should be provided when the property is marketed.
Matthew Cumber, managing director at Countrywide Surveying Services, said: “Despite mortgage valuations being a staple component within residential lending, they can often be misunderstood and much maligned.
“Educating consumers and streamlining the information required to buy and sell a home is why the Home Buying & Selling Group was set up and whilst this continues to do some great work, there is still some way to go. Meaning it’s up to us, as an industry, to continue raising consumer awareness around valuations and help homebuyers understand exactly what they need and what they are getting when they enter into the homebuying process.”
He added: “As a business, we have to constantly evaluate how we best service the needs of lenders, intermediaries and buyers in the modern age. This is certainly an area we will continue to focus on in 2022 to ensure that all parties in the mortgage chain have access to the right information to enable them to make the most informed decisions possible.”