View more on these topics

Analysis: Private surveys will fill a need


Delays in lending approvals are unhealthy for the industry and we support initiatives to speed up the process. But it is important that customers understand the quality of the property they are buying.

As Mortgage Strategy revealed last week, some lenders are returning to automated valuation reports in certain circumstances. This follows an announcement by Barclays earlier this year that it will no longer offer scheme 2 homebuyer reports and scheme 3 building surveys on residential instructions.

Automated valuations will no doubt speed up approvals but they are not comprehensive and may leave buyers exposed. With no visit made to the property, no account is taken of the building’s condition. If defects were discovered in the future, homebuyers would have to pay for the repairs.

Given this move by lenders, we expect more people to undertake private surveys. Mortgage brokers, therefore, can add value by recommending either a homebuyer report or a building survey. 

Furthermore, commissioning a private survey will not hold up the mortgage application process because it is independent of the lender. So seize the moment…



60 Seconds with…Paul Brett, director of sales, Masthaven Secured Loans

At the start of the year Masthaven launched a hybrid second charge loan, mixing elements of bridging and secured lending. What was the thinking behind this and what can we expect from Masthaven over the next year? Simple…innovation and fulfilling the needs of our broker partners are our main priorities. We are constantly looking at […]


Paymentshield appoints new marketing head

Insurance provider Paymentshield has appointed Lee Mooney to the role of product, marketing and proposition director. Mooney joins from The Co-operative Group, where he was commercial director for the general insurance division. Prior to the Co-op, he worked at Tesco Personal Finance, Royal Sun Alliance and More Than. Paymentshield chief executive Gary Duggan says: “Lee is experienced […]


Analysis: Get in early on client remortgages

I was staggered to read research from Paragon Mortgages last month showing that only one-third of remortgages were being arranged through brokers. When I shared this statistic with my chairman, he said: “What an opportunity you have got as your market share can go only one way.” So why are so few remortgages happening via brokers? […]

Diversified cashflows are key

Dividends are under pressure in some areas: but reliable yields can still be found. So says Adrian Frost, manager of the Artemis Income Fund, in conversation with Lawrence Gosling.


News and expert analysis straight to your inbox

Sign up