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What is the mortgage valuation process?

  30 Oct 2015

There are three different types of building surveys in the United Kingdom and the mortgage valuation process, is the cheapest of the three. It’s not a case that you get to choose between the three, otherwise most people would ignore the full structural buildings survey and the Homeowners report, and buy the cheapest option. They offer different information and are used for different purposes.

A mortgage valuation survey is for the benefit of the mortgage lender and the information helps the mortgage lender to make up their mind on two key factors:

  • Is the property worth the price that is being paid for it?
  • Is the property likely to fall down in the near future?

This survey is geared towards providing clear answers to these questions and it is a simple and straightforward survey compared to some of the other options. Some of the things that will be looked at and taken into consideration when considering the price and worth of the property include the condition of the home, whether any upgrades or modernisation work has taken place and whether the number of buildings declared for the home is true and compliant with building regulations. There will also be comparisons made to similar homes, their values and the price of any similar homes in the local area.

This isn’t an extensive survey or evaluation

There is a need to get inside the property and study the conditions in order to answer this question correctly but it doesn’t take a lot of work to find out the condition and value of a property. In brief, the mortgage lender wants to make sure that the value of the home is comparative to the mortgage. This is because if they provided £200,000 for a home and it was only worth £150,000 they would struggle to get their money back if the home was repossessed.

Additional reports may be requested if required

With respect to whether the home will fall down at any point in the near future, there isn’t a great deal of work put in. A typical mortgage valuation survey looks out for notable signs of damage, dampness, issues with roofing or issues with the wiring. This style of survey won’t usually require any carpets to be lifted or readings to be taken but if the initial survey does find issues, it is common for an additional and more extensive report to be compiled. A follow-on report would likely focus on matters such as damp and timber.

Again, this is aimed at providing the mortgage provider with comfort and confidence that the home is in good condition and likely to remain so for the foreseeable future. You never know what will happen so it would be impossible to say that a home will always be in excellent condition, but there is a need to state that the home was in a suitable condition at the time of the property purchase.

If you would like to find out more about any of the mortgage process visit our webiste by clicking here or contact our in-house mortgage broker, in confidence on 020 8941 6706 or


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