Mortgage Valuations and Surveys
A handy guide to our mortgage valuations and surveys: why we need them, what they cost and what they mean for your mortgage application.
This provides us, the lender, with guidance on what the property is worth. It applies to all mortgage applications, including house purchases and remortgages.
This focuses on urgent matters needing attention but doesn't detail every aspect of the property. It includes a standard valuation.
A detailed and comprehensive report to highlight faults and advise on any necessary repairs - a valuation is not included.
Before we can lend to you, we need to carry out a standard mortgage valuation to check that the property provides adequate security for the loan we are providing to you. This applies to all applications for a new home purchase or remortgage.
We also use this to calculate the proportion of your loan compared to the value of your property (this is known as the Loan to Value or LTV).
This is not a survey and so may not identify any repairs that might be needed. Because of this, we strongly recommend that you obtain either a Homebuyer Survey or a Building Survey to give you a more detailed inspection of the property.
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.
If you do receive a copy of the report, please remember it is not a homebuyer's survey - it will not give you any indication as to whether the property is worth what you are paying for it nor will it provide you with a list of any repairs that may be needed.
If you are an existing mortgage customer there are some scenarios where you may need to carry out a new valuation (or ‘revaluation’) of your property. If you'd like to take out an additional loan, we will need to obtain a revaluation of your property. We do not require a revaluation when you are transferring to a new mortgage product, although you can request one if you believe the value of your property has risen since the original valuation.
To find out more about the revaluation process, please call us on 0345 1200 822* or book an appointment in a branch.
A non-refundable fee of £70 is payable for revaluations on additional loan application and existing borrower transfers. This fee is payable in full at application and cannot be added to the loan amount.
Unless you have chosen one of our fee-assisted mortgages, you will need to pay a valuation fee which covers the cost of the mortgage valuation. This is payable at application.
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).
There is a possibility that the property will receive a valuation at less than you were prepared to pay for it, or estimated the value at. This may affect your Loan to Value which may mean that you no longer qualify for a specific mortgage deal.
If this happens 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 under these circumstances.
If we are unable to offer you a mortgage after your mortgage valuation, any mortgage application processing fee or valuation fees would not be refunded.
Includes a standard valuation
Is it right for you?
Does not include a standard valuation
Is it right for you?
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 starting the survey.
We may allow the same surveyor to prepare a mortgage valuation based on the results of the survey they have already carried out (known as a transcript).
However, the surveyor must be a member of our approved panel as we cannot accept a transcript of a Homebuyer or Building Survey that has been carried out by a valuer not approved by the Society. If we agree to allow the valuer to prepare a mortgage valuation report (and the valuer also agrees), there is a fee of £55. This includes a payment (including VAT) to the valuer for the report.
Speak to one of our friendly mortgage advisers about our range of mortgage deals.