Leeds’ valuation pilot shaves up to 5 days off application 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 will instruct the valuer once it has received payment.

Presently, Leeds will only instruct the valuer once 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 time period.

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

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