Most of us buy our home with the aid of a loan. This loan, secured on the title of our home, is known as a mortgage and this mortgage is offered subject to a variety of criteria and tests. Many relate to the borrower’s ability to pay the monthly repayments and their past credit history. However, the loan is also subject to a supporting mortgage valuation.
A mortgage valuation differs from an RICS Homebuyer’s Report or a Full Structural Survey in several important ways, but it is worth considering using the same surveyor for both if you commission one or more.
A Mortgage Valuation must be undertaken by a valuer / surveyor approved by your mortgage lender and as each lender will have an approved ‘panel’ of valuers, it is important that you use someone that is on their panel. Most lenders will appoint a valuer as part of the process.
A Mortgage valuation will include summary notes made by the valuer after a short inspection of the property inside and out. It will make recommendations with regard to further investigations deemed necessary and it will also include an open market valuation and a recommended figure for insurance purposes. A valuer is unlikely to even raise carpets or inspect the loft space. Lenders often don’t share the reports with clients, and some don’t even share the value!
If you are buying a modern property in good condition then it’s probably that a mortgage valuation will be sufficient for your purposes although it’s worth noting that the valuer is simply there to make sure that the home being bought offers sufficient collateral for the loan. The inspection is cursory and it is not meant to be a detail survey.
If you are buying an older property, a property requiring some work or an unusual property then it may be worth employing the services of a surveyor to undertake this more complete appraisal. Most panel valuers can also undertake a more detailed inspection at the same time and it’s worth making sure that if you want a more in depth report you tell the valuer before he inspects. This can save a valuer duplicating his time and thus save you money.
Download our Free First Time Buyers Guide
Recent posts
Best UK Mortgage Rates this Week
5 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
Around 40% of homes are cheaper to buy than rent
18 days ago
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
World Sleep Day Tips
25 days ago
There are many people who struggle with getting a good night’s sleep. Having poor sleep hygiene can be the reason for bad sleep quality in adults. Sleep hygiene refers to habits that can help you sleep better.
Here we have shared some tips to create a healthier sleep.
What you need to know about remortgaging
27 days ago
If your current fixed rate is due to come to an end within the next six months, you will want to start thinking about the options available to you.
Nationwide is the first lender to allow mortgage deeds to be signed electronically and without the need for a witness.
More information
Trusted by
