Mortgage Valuation: As the mortgage lender, we require a mortgage valuation to take place to confirm that the property is valued at the amount you've requested to borrow against. It is also used to confirm that the property you want to buy is suitable from a security point of view.
This is completed by a qualified surveyor (in person or via a desktop valuation) or using an automated valuation model (AVM). As the lender, we arrange for this to take place. The surveyor does not always need to attend the property to complete their survey.
Please note, customers do not receive a copy of this report.
Property Valuation: A property valuation or estate agents appraisal is different to a mortgage valuation. This is usually carried out by an estate agent who wants to advise customers on what the value of a property could be if they decide to sell. The property will be valued based on its location, condition, size and previous list prices for similar properties in the area.
Property surveys: A property survey is different to a mortgage valuation. Whilst a mortgage valuation helps us understand the value of the property, it does not provide detailed analysis on the condition of the property. This is optional and something a customer would need to instruct themselves.
There are three levels of survey that can be requested:
RICS Level 1 – the most basic type of survey. For conventional and newer properties, this assesses the condition of key parts of the property.
RICS HomeBuyer Report – a more detailed inspection of the inside and outside of the property and the option of a valuation. Typically this is for properties in a reasonable condition.
Building or full structural survey – the most comprehensive type of survey. This is usually instructed for larger or older properties, or if you are planning major works.
To read more about property surveys, and why you might consider having one done here.
If you are interested in having a property survey instructed, we have partnered with Legal & General who provide a discount for Gen H customers. If you would like to learn more, please reach out to us via live chat or email.