Virtual valuations are proving particularly helpful for landlord clients looking to remortgage during this period.
As valuers start to adapt their processes to work within social distancing boundaries, introducing the use of smartphones, cameras and laptops for sellers to share footage of their property, Mortgages for Business has reported that landlord clients are benefitting in particular.
One recent example includes ValPal Network's introduction of a photo uploader tool as part of its instant online valuation system.
Commenting on the changes being seen across the valuation industry, Steve Olejnik (pictured), managing director of Mortgages for Business, said: “This is an interesting innovation.
"A lot of our landlord clients are taking advantage of remote valuations being offered by buy-to-let [BTL] lenders.
"The landlord community is benefitting from Shawbrook and Paragon, in particular, [which] are using virtual valuations for loans against standard properties up to 75% of loan to value.
"They’re being very helpful."
This is particularly helpful for those landlord clients looking to remortgage during this period.
Olejnik added: “With valuers banned from visiting homes, landlords are finding remortgaging harder than it was.
"This potentially offers an interesting way forward.”
Among those lenders unable to pick up these innovations, other changes are being made to adapt to the current restrictions and keep transactions progressing as much as possible.
Olejnik said: “Lenders [which] require a physical valuation at a higher [loan-to-value ratio (LTV)] are generally processing landlords’ remortgage applications as normal – but moving the valuation part of the application to the very end.
"A significant percentage of our landlord clients are happy to do this.
"They’re content to sit back and wait out the lockdown and get a physical valuation done.”
