Most of us, when buying a property, will need a mortgage. The Mortgage lender will require an independent valuation of the property to make a decision to lend. This mortgage valuation report is generally commissioned by the buyer or the buyer’s mortgage provider, prior to exchange of contracts (release of offer) to purchase a property.
The mortgage valuation report is paid for by you, the borrower, but it’s usually solely for the benefit of the mortgage provider although sometimes it can also be for the benefit of the borrower. The lender will have certain minimum requirements in terms of Loan to Value Ratio and the report will confirm that the property is of sufficient value to meet these criteria. The report may not necessarily value the property at the purchase price and if the loan to value ratio is still met, it doesn’t have to.
If you do not need a mortgage, there is no requirement upon you to have a valuation or survey but, given the sums involved, a valuation survey of some sort undertaken by a qualified independent RICS Chartered Surveyor third party would be prudent.
It’s important to know that a valuation report is a basic open market valuation of the property and, whilst it will comment on the general condition of the property, it will not highlight if there are structural issues with the property and if you have any concerns a full survey must be undertaken by a suitably qualified Chartered Surveyor, it is not a Building Survey.
When purchasing an older property it may therefore be worthwhile commissioning your own more detailed valuation survey (ideally undertaken by the same ‘panel valuer’ at the same time as the inspection for the valuation) or a full structural report. You should also make sure that this report is acceptable to the lender and may also be relied upon by you, the purchaser.
For more information, Contact Mortgage Required on 01628 507477 for some initial advice.
See our Valuations and Surveys page for more details.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Leaseholders to be given extra protection
6 days ago
Housing Secretary Angela Rayner has announced a new measure to protect leaseholders in England and Wales from high fees and poorly regulated property management companies.
Saturday 26th September, Andy Burnham announced a new equity loan scheme called “Your First Home”. The scheme, which will be confirmed at next month’s budget, is aimed at first-time buyers looking to purchase a new-build property from a developer signed up to the scheme.
What Happens to My Mortgage if I Lose My Job?
11 days ago
Losing your job or finding yourself ‘between jobs’ is, unsurprisingly, a stressful place to be. Keeping a cool head and taking action is important.
Best UK Mortgage Rates this Week
13 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.
Flats 40% cheaper to buy than houses
18 days ago
This price gap between the cost of houses and flats is the biggest it has ever been. Houses are now costing 1.7 times more than a flat, which is 0.4 times higher than 10 years ago
Take a look at our list of houses vs. flats per area.
Are mortgage rates set to increase?
27 days ago
We have seen several lenders increase their mortgage rates over the last couple of weeks. This suggests mortgage rates are likely to rise.
Although nothing is set in stone, lender repricing, rising swap rates, and continued economic uncertainty suggest borrowers should prepare for higher mortgage costs.
AI-altered images put off over half of buyers
24 Aug 2026
According to data from House Buyer Bureau, where over 900 UK homebuyers were surveyed, 54% of people said that they immediately ruled out digitally enhanced property listings.
April Mortgages offer 7x Income Mortgage
13 Aug 2026
April Mortgages - only accessed via a mortgage broker - offers first-time buyers, renters, and home-movers the option to borrow up to 7 times their income on its longer-term mortgages.
More information
Trusted by
