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
Reasons to get a Buy to Let Mortgage
Yesterday
Following recent changes in the Buy to Let market, some investors may find this product less appealing. However, if done correctly, building a buy to let portfolio can be very profitable.
Stamp duty: how is it changing in 2025?
14 days ago
Helping you understand the upcoming changes in stamp duty (SDLT) from April 2025.
UK homebuyers and homeowners are hoping for stability in 2025.
We are hoping that mortgage rates will ease this year, but how drastically depends on inflation trends, swap rates, and the Bank of England’s decisions in which way the base rate should go.
Budgeting over the Christmas Period
3 Dec 2024
The most wonderful time of the year can easily turn into the most expensive time of the year. Watching the pennies doesn’t mean that the Christmas festivities have to stop, following a few budgeting tips can mean you still have a special Christmas and don’t go into the new year in debt.
Preparing your home to sell in winter
29 Nov 2024
December is usually a less desirable time to buy as many people don’t want to move over the holidays. However, prospective buyers do start to look at this time. Selling your home in winter may require a bit of extra attention to showcase your property at its best.
We look at why mortgage rates increased following the Bank of England's choice to reduce the bank rate, and should you fix now?
UK 2024 Autumn Budget: Housing
30 Oct 2024
On 30th October 2024 the Chancellor, Rachel Reeves delivered the Autumn budget which we had previously been warned would be “difficult”. Below we have summarised the main housing points.
Talking about money with kids
23 Oct 2024
In an increasingly cashless society, money is an intangible concept for children to grasp. In the days of coins and notes, kids could see money as something physical you require to purchase goods and services.
In order to help teach your children about money, we have listed some tips below;
More information
Trusted by
