Homebuyers urged to value homes privately

Ryan Bembridge

July 31, 2017

Consumers should take out their own private surveys rather than relying on surveyors affiliated with lenders, say three quarters (76%) of advisers.

TMA Mortgage Club research suggested valuation reports conducted by lenders when purchasing or remortgaging  are not comprehensive enough, meaning a private survey would be more likely to identify a defect in the property.

Homeowners typically spend £5,570 on repairs once they have moved into a property, which the Royal Institution of Chartered Surveyors (RICS) blamed on not taking out a private survey.

David Copland, director of TMA Mortgage Club, said: “It’s great to see so many brokers already advising their clients to take out a survey, but we would like to see it across the board.

“A home is one of the most expensive purchases a person makes and whilst our advisers are on hand to make sure that their clients get the best deal, we should be ensuring that they are not about to commit to a home that could cost them thousands of pounds.

“Going forward, we will ensure that TMA members are aware of all the surveys available and will help them to develop a strong relationship with a firm that they can refer their clients to, so they don’t have to solely rely on the lender’s provider.”

Currently, over a quarter (28%) of advisers use a local surveyor and only 5% refer to a nationwide firm, whilst nearly a quarter (24%) refer clients to the lender’s firm of choice for a private survey.

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