Four out of five homebuyers still confuse a mortgage valuation with a survey, according to a poll by Countrywide Surveying Services.
This was the finding of a survey of over 250 industry professionals conducted during a webinar hosted by the valuation panel management services firm on 6 December.
They were asked if consumers thought a mortgage valuation is still thought of as a survey? An overwhelming 80% said homebuyers believe this to be the case.
Also, 86% of the audience said consumers did not know that a valuation could be completed by computer, with just 14% aware this could be the case.
The poll posed the question, in order to avoid consumer confusion, should a mortgage valuation ever be disclosed? This split the audience, with 54% saying they thought it should not be disclosed and 46% declaring that it should.
It also asked – should an information pack, including the legal documents and survey, be provided when a property is marketed? Three-quarters of attendees thought that it should be included.
The audience consisted of lenders, brokers, surveyors and other property professionals. It included Thom Wilkinson, a member of the Law Society’s Conveyancing and Land Law Committee and partner at Bishop and Sewell, as well as Mark Hayward, chief policy advisor at Propertymark.
Countrywide Surveying Services managing director Matthew Cumber says: “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 while 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.”
