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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.

The Mortgage Valuation and your survey 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 focuses on urgent matters needing attention but doesn't detail every aspect of the property. It includes a standard valuation.

Building Survey

A detailed and comprehensive report to highlight faults and advise on any necessary repairs - a valuation is not included.

The standard mortgage valuation

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.


How we conduct a valuation

  • We 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 of the property has been carried out you will receive a copy of the valuation report soon after.
  • If you apply for a fee-assisted mortgage product, it's important to note that you may not receive a copy.
  • If we carry out a drive-by valuation, carry out a database valuation or a Property Assessment, you will not receive a copy.

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.

Existing customer valuations

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.

What about valuation fees?

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).

 

How mortgage valuations may affect your mortgage application

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.

What to do if this happens

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.

Surveys

Homebuyer Survey & Valuation

Includes a standard valuation

Is it right for you?

  • It is suitable for most conventional properties in a reasonable condition
  • It focuses on both minor and major faults which need attention
  • It will highlight any urgent problems requiring a specialist inspection
  • It 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 (as well as the estimated rebuilding cost which can be used for insurance purposes).
  • Whilst it doesn’t include every aspect of a property, the following details are included: the general condition of the property, the results of damp tests and the current condition of any damp-proofing, insulation and drainage, damage to timbers and the value on the open market.

Building Survey

Does not include a standard valuation

Is it right for you?

  • The Building Survey is a more detailed and comprehensive report
  • It is suitable for all residential properties (including period properties, those with extensive accommodation or in a particular state of repair).
  • It can be tailored to suit your particular needs
  • There is no standard scale of fees for a Building Survey but the cost is higher than the Homebuyer Survey

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.



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

Need some help?

Visit us

You can visit us in branch to speak to a mortgage adviser.

Call us

Speak to one of our friendly mortgage advisers about our range of mortgage deals.

0345 166 9510*


  • 8.00am - 8.00pm, Mon-Fri
  • 9.00am - 1.00pm, Sat