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TODAY'S OTHER NEWS

Physical valuations now undertaken by most lenders in England

The Bank of Ireland UK is the latest mortgage lender to resume physical valuations of properties in England, subject of course to government rulings on social distancing and the health of property occupants.

Earlier this week specialist buy to let lender Paragon Mortgages did the same; it's thought that the majority of lenders have now reverted to physical valuations. 

Both lenders, in line with many others that have resumed in-person valuations, are undertaking pre-valuation safety assessments and providing face masks, gloves and shoe covers to surveyors who choose to use them.

“The return to physical mortgage valuations is a positive sign for the mortgage market” explains Iain Smith, head of intermediaries at Bank of Ireland UK. 

“As well as providing a range of additional measures to support mortgage customers – including acceptance of furloughed customers, payment breaks, and product transfers for customers in payment breaks – we have been providing desktop valuations and maintained our normal underwriting service levels, so avoiding application backlogs.”

The Bank of Ireland UK, along with most other lenders that have resumed physical valuations in England, will continue with desktop valuations as appropriate in the rest of the UK pending the opening up of their housing market processes.

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