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
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
More borrowers using equity release
15 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
Buyers purchasing properties sooner
17 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
What to do just before you get your keys
22 days ago
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
Landlords could face a new tax this autumn
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More information
Trusted by
