Valuations and building surveys

Road to deciding which valuation is right for you

Getting the right survey

After receiving your mortgage application, your mortgage provider will arrange a Surveyor to undertake a valuation, helping to assess if the property represents adequate security for the loan.

There are three different types of report for you to choose from:

The Mortgage Valuation

Purely for mortgage purposes only, the Mortgage Valuation is a simple property report that helps your mortgage provider assess your application. The Mortgage Valuation is not a survey. Your provider will only need basic information about the property when deciding how much they're prepared to lend to you. For instance, there may be serious defects in the property, which are not revealed by the report, or there may be omissions, which they don't consider important for the mortgage but might be important to you. For this reason, you may request a more detailed report on the condition and value of your chosen property with a Home Buyers' Survey & Valuation or a Building Survey Report. Both of which can be carried out the same time as the Mortgage Valuation.

The Home Buyers Survey and Valuation

This type of report is designed to help keep costs down, yet still give you a general idea of the quality and condition of the property, especially if it's a conventional build or built within the last 120 years. This survey and valuation covers the parts of the property that are readily visible and easily accessible, and will identify any obvious evidence of serious disrepair, potential hazards and other things that may affect the property's value. Minor or cosmetic defects may not be listed.

The Building Survey Report

This is the most detailed inspection of a property you can get, and provides a comprehensive report on its condition. You'll find out technical information about your property's construction, the materials used in its build, and any structural or other defects. Although this type of report is usually more expensive, it could provide you with crucial information about the property. You may consider this survey if the property is old, is unusual, in need of structural repair or if you're planning a major conversion or renovation.


Top tips for valuations

It's worth noting that some mortgages offer a free standard valuation. Depending on your circumstances this may be a good way to cut initial costs on your mortgage, however it's worth considering and asking what this valuation actually covers.

Check the details of your mortgage or ask your advisor for more information.