Broker-instructed valuations are here

We’ve got some exciting news to share!

In April, we asked you if you would like us to introduce broker-instructed valuations, and 83% of you said yes. So, today, we’ve launched broker-instructed valuations.

This means you’ll be able to directly instruct a property valuation at any point up until an Agreement in Principle is issued, including before you have even submitted the lending application to us.

This feature will be completely optional, so you can still choose to have Atom instruct the valuation after an offer has been issued, should you wish to do so.

What benefits do broker-instructed valuations offer?

Broker instructed valuations will offer you several benefits, including:

• Reduced time to completion: By bringing forward the valuation survey, you can reduce the time from offer to completion by up to two weeks.
• More certainty: You will have a greater degree of certainty over the lending decision and loan facility that can be provided to your customer from the very outset of the application.
• Greater control and visibility: We’re also confident that this option will deliver greater control and visibility over the progress of your case.

Your customer will also benefit from:

• Faster decisioning: Your customer could benefit from faster decisioning, combined with less likelihood of a loan needing to be restructured post valuation, as the valuation will be available to the underwriter when they make an initial lending decision.
• Certainty on their loan: They will have a higher level of certainty over what they can borrow from us sooner in the process.
• Earlier drawdown: Ultimately, a more efficient application process can deliver an earlier drawdown on the loan for your customer.

Need to register with our valuation panels (Method and VAS)?

If you’d like to use our broker-instructed valuations, you’ll need to be registered with at least one of our valuation panels before you can choose to instruct a valuation by either panel.

To do so, please do the following:

• To join Method: Just send an email to admin@method-vm.co.uk with the name and email address of those who need to access the panel.
• To join VAS: Simply email info@vas-group.co.uk with the name and email address of those who need to access the panel. Once your dashboard is set up, you’ll be provided with training videos and a dashboard guide.

If you choose to instruct a valuation after the application has been submitted, you can enter your application reference number when requesting valuation quotes, which you’ll receive once your application has been set up on our system.

We’ve pulled together a list of FAQs below to help you get started.

How should I inform you I have instructed a valuation?

When completing the valuation section of Portal, you should still select ‘New valuation’. We will receive weekly reports from our valuation panels which will notify us of all broker-instructed valuations, and we’ll update your case file.

Can I self-instruct a valuation after you’ve issued an Agreement in Principle (AIP)?

If you haven’t instructed a valuation and we’ve issued an AIP, you’ll progress through the normal process of Atom obtaining the valuation quotes and instructing on your behalf, post offer. This is to ensure that, once your customer is happy with the AIP, we can pass the case to our underwriting team as quickly as possible to provide a lending decision.

What happens if you decline my case and my customer has already paid for a valuation?

Your customer is liable for 100% of the valuation fee regardless of which point in the process it is instructed. If we decline a case after a valuation has taken place, the valuation fee will not be refunded. However, the valuation report can be addressed to be used with another lender.

Got any questions?

Get in touch with our TBDM team by email at businesssupport@digitalmortgages.net or by phone on 0333 399 0060 (9am–5pm, Mon–Fri). Alternatively, brokers can contact their RBDM.