Aldermore Bank is this week resuming physical mortgage valuations on properties for house purchase and remortgage in England, where strict social distancing and safety measures are met. The Bank had put physical valuations on hold during this period of lockdown, following Government instructions in March, and moved to remote valuations.
The Government published on 10 May updated guidance confirming that physical mortgage valuations can restart in England. Aldermore will ensure a detailed risk assessment is undertaken ahead of a valuation appointment so that the safety of surveyors and residents is prioritised in line with Government guidance.
Remote valuations will continue to take place when possible in Scotland and Wales, and applications in these countries that require a physical property valuation will be put on hold until social distancing restrictions have been eased.
Physical valuations on buy to let properties in England are anticipated to recommence shortly, and Aldermore will in the meantime continue to conduct remote valuations when possible. Larger rental properties such as HMOs will not be suitable for a physical mortgage valuation until social distancing restrictions have further eased.
Jon Cooper, Head of Mortgage Distribution, Aldermore, said: “We are keen to help the many customers in the UK looking to get going on their home buying and selling plans, but we must be cautious and responsible in how we open up. The new Government guidance is encouraging in allowing the housing market to get moving again, and ensuring safety is a priority will help build confidence in the long term.
“The protection of our customers and surveyors is our primary consideration so we are committed to adhering to meticulous social distancing procedures. We are working towards physical valuations for buy to let properties and will have an update on this shortly.”
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