Leeds pilots quicker valuation process

Leeds Building Society is piloting a new method of instructing valuations, which it says has shaved up to five days off the application process.

The lender has been testing the new process, which sees it instruct the valuer on the day it receives the application.

For fee-free cases, the society contacts the broker to advise that it will instruct the valuer, although the broker can refuse and ask for it to fully assess the case first.

In fee-paying cases, Leeds instructs the valuer once it has received payment.

Presently, Leeds instructs the valuer only when it has received a fully packaged case.

It has been piloting the new scheme since the start of July and will assess the success of the pilot by the end of September.

Leeds chief executive Peter Hill says: “We have changed the way we instruct valuations. Because of the new system we have put in, we can change that process and it chops quite a number of days out of the application-to-offer period.

“We are pretty pleased with what has come out of the pilot, so we are looking to go to full roll-out shortly. That is a fairly material change to broker and customer experience.”

Earlier this month, the society announced it had increased lending by 22 per cent year-on-year, to £1.5bn in the first half of 2015.