What is a mortgage valuation?

You’re all set to go. You’ve found your dream property and negotiated a price with the vendor.  Now the fun begins, especially if you need to secure a mortgage.

Before approving your mortgage offer the mortgage company will send out a mortgage valuer/surveyor to the property.  However, this valuer is not carrying out a survey; he/she is only carrying out a mortgage valuation. During the 20 minutes or so they are on site, their sole purpose is to check for any visible or significant issues that might affect the value and the security from the lenders point of view. They may ask the vendor a few questions and have a general look around.  But what they won’t do is see if your dream property is fit as a fiddle or if it needs to have serious remodelling.

They are working for the mortgage company, so have their best interests at heart – not yours.

The brief report they produce –typically 2/3 pages – is not a condition report.  It won’t tell you about the condition of the structure and fabric of your property. It only gives the mortgage company information it needs to proceed with the mortgage.

If you want to avoid any nasty surprises then we always advise you have a survey done by an independent RICS qualified surveyor.  At Gowers Surveyors we specialise in good quality surveys.  We’ll point out the good and bad, putting it all into context so you can move forward with your purchase, with confidence.  Call 01780 408020 to book.

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We’ll point out the good and bad, putting it all into context, so you can move forward with the purchase, with confidence. Call now to book.

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