"There have been some incidents of valuations taking longer than usually expected over the last month, which is understandably frustrating for brokers and their clients."
Accord Mortgages is offering brokers advice on how they can speed up mortgage applications after feedback from intermediaries highlighted a seasonal slowdown in property valuations across the market.
Its research found that brokers are experiencing a longer turnaround time due to a high demand for property valuations which has impacted valuers’ availability.
However Accord suggests there are ways brokers and their clients can help reduce the prospect of a house purchase or sale being held up:
- Ensure that clients who are moving home or remortgaging provide as many contacts details as possible, including mobile and/or landline numbers and email address so the valuer can easily reach them. If there are two or more applicants giving contact details for each person will increase the chances of the valuer getting hold of them.
- Checking client’s contact details are correct when submitting an application can really make a difference. Incorrect phone numbers can cause delays meaning valuers have to chase the lender for the right information.
- Check with the lender how quickly they instruct valuations. Many lenders will instruct a property valuation as soon as possible. For instance Accord aims to do this within 24 hours of receiving a mortgage application, meaning your client can expect a call from the valuer within 48 hours. Some lenders take longer, however, which causes a hold-up from the outset.
- Suggest that your client makes alternative arrangements if they are unable to let the valuer review their home during standard working hours. This could be as simple as leaving a key with their estate agent or a neighbour, or asking a friend or relative to let the valuer into their home.
- Ask clients to let you know if they are going on holiday so the valuer can prioritise other properties whilst they are away.
David Robinson, National Intermediary Sales Manager at Accord, said: “There are no hard and fast rules on how long a property valuation or survey takes to complete. It varies on a number of factors, including region, the level of demand for mortgages, and the type of survey.
“There have been some incidents of valuations taking longer than usually expected over the last month, which is understandably frustrating for brokers and their clients. This is typical at this time of the year, with home movers jetting off on their holidays leaving valuers unable to access a property.
“Christmas is another time when delays can occur due to people being away from their home for extended periods of time. To help with the current slowdown and ahead of the festive season, by encouraging clients to follow our suggested steps brokers could help to reduce any potential delays.”