The property valuation is often crunch-time for mortgage applications. After credit checks and affordability assessments, it’s among the biggest hurdles that have to be cleared in the mortgage process. Our integration with Hometrack makes valuations quicker and smoother for all involved – read more about what it can do for your business here.
In some senses, property valuation is the most nerve-racking step for borrowers: it comes later in the process when they are already emotionally invested, and it’s largely outside their control. Borrowers can examine their own income and spending – but they’re not usually the experts on the housing market. If things fall through at this point, the deal and the relationship are not always salvageable.
That’s the key reason we integrated Hometrack’s real-time valuation into the Smartr365 dashboard and adviser application screen. Advisers and borrowers can type the property address in and instantly see how much the property is likely to be worth. They can also see a graphical representation of how that value has changed over time, since the day they purchased the property, along with their outstanding mortgage balance and their equity position.
Knowing exactly how much a property is worth will also help brokers to boost engagement with clients as most people take an active interest in the value of their home. This information is also valuable when it comes to remortgaging, as it helps to reveal a likely valuation and, crucially, the loan to value before selecting a product.
Crucially, Hometrack has a 15-year track record delivering valuations to banks, house builders and government bodies, and provides more than 50 million automated valuations each year. It’s well respected and, in many cases, it will be the same tool used by the mortgage provider. In effect, it gives advisers and their clients the inside knowhow – it lets them know what lenders are thinking about the valuation before they know themselves.
Automating the valuation within the Smartr365 platform saves brokers time and effort. But most importantly, it manages expectations and provides peace of mind, while eliminating delays. Most importantly, it provides reassurance and confidence for both to proceed with the application knowing that it’s got the best chance of success.
Want to see it in action? Try our free demo here.