Where physical valuations take on average two days to turn around, a quick remote valuation meant this entire application was processed in less than a day.
Later life lending business more2life has processed a case, from application by the adviser through to offer, within six working hours, with the use of a remote valuation.
In this instance, the adviser applied at 9.30am, and the instruction was passed on to chartered surveyors e.surv by 10.30am.
The valuation was returned to more2life by 1pm, and an offer made by 3pm, totalling less than six hours for the entire process.
More2life told Mortgage Introducer that the remote process takes, on average, 0.8 days, from the initial instruction to e.surv through to receiving a valuation; this is compared to an estimated two-day turnaround on physical valuations.
More2life introduced remote valuations in the first week of April, and has been deploying them throughout the lockdown where possible.
Its first completion utilising remote valuation was completed around 25 April; approximately £5m-worth of completions have been reached using remote valuations so far.
Stuart Wilson, marketing director at more2life, told Mortgage Introducer: "We've been working closely with our valuation partner e.surv to make sure [that] we introduced a very robust, advanced remote valuation process.
"It's not an easy thing to do, to suddenly send your entire workforce to work from home.
"Our advisers benefited from the fact that we have invested very heavily in an online portal that means we can operate completely paperless, completely without the need for signatures.
"Our remote way of operating plugged very neatly into the new world of remote advice and remote valuations; that meant we could offer a seamless journey for advisers, and one that was pretty much applied across our product range."
Commenting on the potential rise in remote valuations even after social distancing restrictions have lifted, Wilson added: "If nothing else it means there's more resources for doing the cases where we must have a physical valuation.
"And it's delivering great results, and is really fast. The speed is phenomenal and the quality is excellent.
"The results speak for themselves."
