80% of consumers confuse a mortgage valuation with a survey

Four out of five consumers still confuse a mortgage valuation with a survey, according to a poll conducted by Countrywide Surveying Services (CSS).

Related topics:  Mortgages
Rozi Jones
16th December 2021
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"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 asked the question 'Is the mortgage valuation still thought of as a survey?', 80% of respondents believe this to be the case.

CSS also asked the audience if they thought that - to avoid consumer confusion – the mortgage valuation should never be disclosed. This question split the audience with a small majority of 54% saying they thought it should never be disclosed with 46% declaring that it should always be disclosed.

When posed with the question 'Should an information pack, including the legal documents and survey, be provided when a property is marketed?' three-quarters of attendees (75%) thought that it should be included.

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.

“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.”

 

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