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Mortgage Valuations and Surveys

Here you'll find details on what mortgage valuations and surveys are, why they are needed for a mortgage application and how much they can cost.

What are my options?

Standard mortgage valuation

This provides us, the lender with guidance on what the property is worth. It applies to all mortgage applications, including house purchases and remortgages.

Homebuyer Survey & Valuation

This report looks mainly at urgent matters which may need attention and it includes a standard valuation. However it doesn't detail everything about a property.

The standard mortgage valuation

Before we can lend to you, we need to assess how much the property is worth by carrying out a valuation. This lets us know that the property provides adequate security for you loan and we also use it to calculate your Loan to Value or LTV (the proportion of your mortgage loan compared to the property value).

A valuation is needed for remortgage applications as well as house purchase applications.

You should be aware that the valuation is not a survey and will not provide you with details of any issues with the property or possible repairs. We therefore strongly recommend that you obtain either a Homebuyer Survey or a Building Survey to give you a more detailed inspection of the property.

How we value the property:

  • Instruct a valuer to visit the property and produce a written valuation report
  • We may use a specialist database to compare the details against other comparable properties in the area
  • We may, at our discretion, carry out a Property Assessment as an alternative to a physical inspection of the whole property (based on database information, an external appraisal of the property by a valuer, or a combination of both).

In some circumstances we may ask the valuer to carry out a quick check of the outside of the property (known sometimes as a drive-by valuation). When this applies, a standard mortgage valuation can be requested at a later date and you will need to cover the cost of this.

The Valuation Report

If a full internal inspection has been carried out you will normally receive a copy of the valuation report.

Please be aware that this is not a survey and as such, will not provide you with an indication that the property is worth what you are paying for it or a list of potential repairs.

If you have applied for a fee-assisted mortgage product you may not receive a copy and you will not receive a copy if we carry out a drive-by valuation (AVM), carry out a database valuation or a Property Assessment.

Valuation fees

You'll need to pay a fee during your application to cover the cost of carrying out the valuation. If you have chosen a fee-assisted mortgage there is no cost for the valuation.

Unless you tell us otherwise, we will instruct the valuation as soon as we begin to process your application (providing the fee has been paid). Once a valuation has been carried out, we can't refund the fee even if your mortgage does not go ahead.

View a breakdown of valuation fees (including the cost if you decide to opt for a Homebuyer Survey which includes the cost of a standard mortgage valuation).

How the valuation may affect your mortgage application

If the property gets valued below the potential purchase price (or what it was valued at originally) this may mean that you no longer qualify for a product with a specific LTV. Under these circumstances you will have to switch to another mortgage product with a higher LTV, or it may mean that we are unable to offer you a mortgage. There is no cost for switching to another product in this scenario.

It is essential that you are as accurate as possible when providing us with an estimated value of the property as you will not receive a refund of any mortgage application processing fee or valuation fees if we are unable to offer you a mortgage after your mortgage valuation.

Existing customer valuations

If you are an existing mortgage customer there are some scenarios where we may need to carry out a new valuation (or ‘revaluation’) of your property. This includes when you are transferring to a new mortgage product or you’d like to take out an additional loan.

To find out more about the revaluation process, please call us on 0345 166 9300*.

A non-refundable fee of £70 may be payable for revaluations on additional loan application. This fee is payable in full at application and cannot be added to the loan amount.


Homebuyer Survey & Valuation

The Homebuyer Survey is suitable for most conventional properties which are in a reasonable condition and focuses on any matters which need attention. The Homebuyer Survey contains details which can help you make an informed judgement on whether or not you should purchase a property and whether or not the purchase price is reasonable. It will also give you a good idea of any issues which need to be discussed or actions which should be taken prior to contracts being exchanged. You should be aware that it doesn't detail every aspect of the property but the following details are included:

  • The general condition of the property
  • Any major faults in the accessible parts of the property
  • Any urgent problems which would require inspection by a specialist before you sign the contract
  • The results of tests for damp in the walls
  • Damage to timbers
  • The condition of any damp-proofing, insulation and drainage
  • The estimated rebuilding cost (which can be used for insurance purposes)
  • The property’s value on the open market.

A standard valuation is included with this survey.

Building Survey

We don't offer a building survey as it does not include a standard valuation.

A building survey is a detailed and comprehensive reported which can be tailored to suit your needs and is suitable for all residential property types (including period properties, those with extensive accommodation or in a particular state of repair), covering all defects whether minor or major. There is no standard scale of fees for a Building Survey but the cost is higher than the Homebuyer Survey. You should be aware that a valuation is not included but this can be arranged directly with the surveyor and will be required for us to process your mortgage application. The surveyor will contact you to discuss the details before he starts the survey.

What if I already have a report from a Homebuyer Survey or Building Survey?

Unfortunately, we cannot accept Homebuyer or Building Surveys that have already been carried out on properties in England, Wales or Northern Ireland. All cases must have a valuation carried out by our approved panel of valuers. Please refer to the survey options above.

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