Mortgage Valuation

What is a Mortgage Valuation?

A Mortgage Valuation is carried out by an agent appointed by and acting on behalf of your mortgage lender, on the property that you want to buy.

This is not a survey and should not be relied on as such. The surveyor will usually use comparisons from local house sales to provide an estimated value to the property. Normally this will contain a description of the house, confirmation of whether any special reports are required such as metalliferous or coal mining reports as well as a general description of the condition of the property.

This can include issues such as if there is any structural movement or damp present. They can also place a recommended retention on any mortgage advance until recommended works are undertaken.

For a less detailed valuation, the mortgage lender may conduct a Kerbside Valuation instead.


Q: Can you appeal mortgage valuation if it is too low?

A: In some cases you can: some mortgage lenders have a process that allows you appeal mortgage valuations, but there’s no guarantee it will have any effect on the outcome - it’s rare that valuations are revised as the surveyor works independently of the lender.

You’re welcome to go to other lenders to see if you are offered a mortgage that will cover the value or alternatively you can attempt to pay for the extra cost yourself.

Q: How much does it cost?

A: Many mortgage lenders charge a fee for a valuation, but there is no single price used by all of them. The price can depend on the value of the property and the type of survey done.

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