Surveyors claim mortgage lenders making secret profits
Views aired by a number of surveyors on the Royal Institute of Chartered Surveyors Linked-In forum claim that lenders and mortgage brokers are creaming off ‘secret profits’ from surveyors carrying out mortgage valuations. The claims come at a time when there is increasing concern over delays in house sales caused by a national shortage of qualified surveyors.
An independent commission has been set up to investigate the claims, which suggest that surveyors are being forced to accept progressively reduced fees. If true, this practice would enable lenders to cream off a profit from the substantial administration and valuation costs they charge their mortgage applicants
Disgruntled surveyors claim that if fully qualified RICS members refuse to accept the low fees offered, lenders are instead engaging Associate RICS with lower qualifications to undertake the work – and thus facing the risk of reduced standards and increased insurance claims.