Four out of five (80%) consumers are still confusing a mortgage valuation with a survey, according to new research from Countrywide Surveying Services.

The findings emerged at Countrywide’s webinar series with this particular session focusing on a panel discussion around the role of the mortgage valuation.

Over 250 people actively engaged in the session with the audience consisting of lenders, brokers, surveyors and other property professionals.

Further polls were taken during the webinar around the valuation process and the understanding of it among consumers. Countrywide suggested the audience responses highlighted the need for greater consumer awareness around valuations, with 86% pointing out homebuyers’ failure to understand that a valuation could be completed by a computer. Alternatively, 14% suggested that consumers were aware this could in fact be the case. 

Countrywide also asked the audience if they thought that, to avoid consumer confusion, the mortgage valuation should never be disclosed. This question split respondents with a small majority of 54% saying they thought it should never be disclosed and 46% declaring that it should always be disclosed.

When asked whether an information pack, including the legal documents and survey, should be provided when a property is marketed, three in four respondents (75%) thought it should be included.

“Despite mortgage valuations being a staple component within residential lending, they can often be misunderstood and much maligned,” Countrywide managing director, Matthew Cumber, commented.

“It’s up to us, as an industry, to continue raising consumer awareness around valuations and help homebuyers understand exactly what they need and what they are getting when they enter into the home buying process.

“As a business, we have to constantly evaluate how we best service the needs of lenders, intermediaries and buyers in the modern age. This is certainly an area we will continue to focus on in 2022 to ensure that all parties in the mortgage chain have access to the right information to enable them to make the most informed decisions possible.”

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