Santander latest lender to announce its property valuers are returning to work
More of the mortgage lenders are starting to announce plans for property valuers to return to work as the government tries to get the housing market moving again.
Santander and Halifax are the latest big-name lenders set to resume physical valuations as of Monday 18th May, while HSBC has already started booking in physical valuations starting with the oldest applications.
Skipton for Intermediaries is resuming physical property valuations for both residential and buy-to-let applications in England, while Accord Mortgages says all new applications will be subject to a physical valuation where possible. Nationwide Building Society plans to clear its valuation backlog by June 12.
Aaron Strutt, product director at Trinity Financial, says: "The banks and building societies need their valuers to check properties to get most of their mortgages agreed especially for borrowers with smaller deposits. The lenders will continue to use system-generated property valuations for borrowers with larger deposits or lots of equity in their homes."
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