HSBC Mortgage offer delayed due to lockdown...is AVM possible?

[Deleted User]

I am in the process of buying a house with a HSBC mortgage, and after having the offer accepted just before the lockdown, we are now unable to get the Homebuyer's survey done. I understand this will take some time. However I have been told by the surveyors (SDL) that they can provide a desktop valuation (AVM) in order for HSBC to generate the mortgage offer, if instructed by them to proceed with this. Having spoken to HSBC, they suggested it was down to the valuers whether this was done.
As we are in stalemate and I am keen to get a mortgage offer ASAP, can anyone shed light on whether lenders or banks normally decide between a physical valuation and a desktop/AVM?
Thanks
Andy

Thrugelmir

The property has to provide adequate security for the sum of monies being advanced. As agents of the lender. The surveyors themselves will need to decide whether they can issue a desktop valuation in your own specific circumstances. As it is they that wil leave themselves open to potential claims in certain situations. 

csgohan4

HSBC are one of the strictest lenders and whether HSBC, their money so their rules (New). Depends on the lender and how happy they are with Desptop valuations. But if it was a remortgage they would in these times. But given the circumstances, there are more pressings things at present.