We’ll be offering desktop valuations for all of our lifetime mortgages from 6 April
We have been working as quickly as we can to implement an alternative way of valuing without a home visit.
We’re pleased to announce that as of Monday April 6 we will be moving to desktop valuations for all of our lifetime mortgage products.
Key things you need to know:
- A desktop valuation will be completed by an independent valuer using publicly available information to assess the value of a client’s home.
- Because a desktop valuation is less accurate than a valuer visiting a property, we will use 95% of the desktop valuation when we calculate the amount we can lend to your client.
- To support this, we need you to temporarily change the way you estimate your client’s property value. Please reduce your estimate by 5% when you submit an application to us.
- Please be aware not all properties are suitable for a desktop valuation. We’ll let you know if your client’s property is unsuitable.
- After the current social distancing restrictions have been lifted we’ll arrange for a physical valuation to be undertaken. This is for our information only and will not change the amount that your client has borrowed from us.
How does this impact pipeline cases?
From Monday, we’ll be working through all existing applications where a property valuation has not yet happened. Please bear with us as we work as quickly as we can to do this. We will be in touch with an update on specific cases as soon as we can.
Where can I find out more information?
On Monday, we’ll send you additional information that explains the desktop valuation process in greater detail.
