HSBC announce the return of physical property valuations

Posted on Tuesday, May 19, 2020

Mortgage applications on properties that were not able to be appropriately valued through automated methods can now be physically valued, say HSBC.

HSBC UK has announced that it began to move towards a more normal service and is restarting with valuations on re-mortgages and property purchases where a valuation has previously not been possible. This will apply to properties in England and Scotland.

A statement from the lender read: "The safety of our surveyors and customers is of paramount importance. We have worked to understand the approach of our suppliers and we are delighted that all their surveyors will be provided with PPE including hand sanitiser, gloves, masks, antibacterial wipes and overalls for survey.

In advance of valuation, the occupier will be asked to prop open all doors and open any loft hatch. The occupier will not be in the property while the valuation is being carried out.

At this time a valuation will not be allowed where someone in the property is self-isolating, the occupant is vulnerable and/or shielding, or experiencing symptoms either now or within the last seven days.

Michelle Andrews, HSBC UK’s Head of Buying a Home, adds: “This is a very welcome step forward towards some kind of normal. We have worked hard to continue to take forward applications with desktop and automated valuations, but that has not been possible in all cases.

“We will be systematically working our way through those applications that have been paused, and our surveyors will be in touch with customers or the property occupant at the earliest opportunity to make an appointment so applications can move forward. There is no action needed on their part, or by mortgage brokers, to apply again for a valuation. We will be in touch over the next few weeks to make arrangements.”

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