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Home Information Packs to shake up valuation system |
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Wednesday, 05 July 2006 |
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MORTGAGE lenders expect the introduction of Home Information Packs to reduce the number of physical valuations carried out on properties.The Council of Mortgage Lenders said eight out of 10 firms thought the need for physical inspections would reduce, while seven out of 10 thought they would use more computer generated valuations a year after the packs were introduced.
But it added that automated valuations were unlikely to become the default method used by lenders, and lenders still expected to be carrying out physical inspections in half of all cases five years after the packs' implementation.
Home Information Packs
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