Brokers have expressed that they now charge a fee even if a bridging loan doesn't complete, according to the latest survey from United Trust Bank.

A staggering 49 per cent of the brokers who responded to the survey indicated that they charge a fee in such circumstances and a further 18 per cent are considering introducing fees.

The survey found that poor property valuations were the most common stumbling block, with 43 per cent of brokers citing this as the top reason bridging deals are likely to fall through.

Valuation issues were significantly ahead of the next most frequent reason which was the customer changing their mind; only 16 per cent of brokers cited this reason.

The survey also found that 78 per cent of brokers regularly complete more than half of their bridging loan applications, however, just 13 per cent said that 90 per cent of their bridging loan applications actually complete.

Commenting on the findings, Alan Margolis, Head of Bridging at United Trust Bank said: “The results of this survey highlight more than ever how important it is for brokers to enquire more thoroughly into the details of a client’s property before instructing the valuation. For example, simple measures such as carrying out a quick comparison on a property sales website or even looking at the property on Google ‘street view’ might reveal something relevant to the property’s valuation which the client may not have mentioned.

“With fewer unsuitable cases reaching the valuation stage, brokers will have more time to concentrate on those deals which stand a genuine chance of completing and will substantially increase their success rate.”