Advisers at LSL’s Mortgage Club paid referral fees if borrowers use sister surveying business

Three-quarters of mortgage advisers would recommend clients take out private surveys when purchasing a property.

Research by TMA Mortgage Club, part of LSL Property Services, found 76% of advisers recommend private surveys rather than relying on a valuation report compiled by a lender.

The research showed that only 5% would recommend a national surveying firm, while 28% would recommend a local surveyor and 24% the lender’s surveyor of choice.

A press release says that to safeguard buyers from purchasing a property with structural issues, TMA encourages its advisers to recommend clients private surveys through the least popular choice, a nationwide firm – in this case, e.surv Chartered Surveyors, which is also an LSL Group Company.

A spokesman for TMA told EYE that advisers do receive an introduction fee for this – but are free to refer clients to any firm.

David Copland, director of TMA Mortgage Club, said: “It’s great to see so many brokers already advising their clients to take out a survey, but we would like to see it across the board.

“A home is one of the most expensive purchases a person makes, and whilst our advisers are on hand to make sure that their clients get the best deal, we should be ensuring that they are not about to commit to a home that could cost them thousands of pounds.

“Going forward, we will ensure that TMA members are aware of all the surveys available and will help them to develop a strong relationship with a firm that they can refer their clients to, so they don’t have to solely rely on the lender’s provider.”

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