Gateway Surveying Services, part of The SimplyBiz Group, has introduced a three-tiered virtual property valuation service, designed to help lenders continue to provide mortgage funding during the Covid-19 crisis and beyond.
The service, which supports those offering purchase or remortgage products in both the mainstream residential and buy-to-let markets, aims to significantly enhance the traditional desktop survey and enable lenders to make an informed judgement against the risk involved.
The three types of valuation on offer are an enhanced remote valuation, a virtual enhanced valuation and an enhanced external valuation. These products include a combination of a number of virtual aspects including current photographs, real time video footage and external property reviews.
All of these new virtual services supplement the individual knowledge of Gateway’s experienced surveyors to create a more detailed valuation. These new products will provide lenders with greater comfort in their underwriting decisions.
Peter Hughes, chief executive of Gateway, said: “At a time when we all must ensure the safety of our staff, house sellers and purchasers, we are delighted to be the first to bring a zero-contact proposition of this scope to market. Inevitably, the property sector is facing significant challenges and by taking these steps, we believe we can support the continuing movement of the market.
“Through harnessing the significant power of technology, this then represents a significant step in the evolution of valuations within our industry.”