A new scheme has been launched that provides people selling their homes a mortgage valuation when th...
A new scheme has been launched that provides people selling their homes a mortgage valuation when they put their property on the market. It is hoped the scheme, being piloted by Legal & General, will allow interested buyers to make offers with the security that their target property is good for a mortgage.
The scheme, called One Step Ahead, means vendors and buyers will have access to a report up front which shows a property's suitability for a mortgage in terms of both value and condition.
People selling their homes through participating estate agents will have their homes inspected by a valuer who will prepare a mortgage valuation summary report. This report will indicate the suitability for mortgage purposes in terms of value and condition.
Buyers deciding to buy a 'mortgage approved' property can choose a mortgage from one of the lenders on the panel. In this case a further inspection will not normally be required once an offer is accepted. The sale can go ahead with the certainty that an adverse valuation report will not appear.
Buyers can still choose mortgages from lenders who are not participating in the scheme. In this case the lender may want to organise its own valuation inspection. However as these properties will have already been through Legal & General's scheme both buyer and seller can have confidence and peace of mind that the sale is unlikely to fall through due to an adverse valuation report.
Interested parties should contact their local Legal & General representative. So far there are participating estate agents covering London, the Midlands and the North.
Neil Brown appointed interim head of UK wholesale distribution
Whose rules OK?
Latest news and analysis
To focus on STAR