Mortgage valuations

Why you should not rely solely on a mortgage valuation when buying a house.

When you buy a house and need a mortgage, a lender will commission a mortgage valuation. The valuation advises the lender of the value of a property and of any characteristics of the property including significant defects which might affect its value as security for the proposed loan. They are not surveys, which have more detail, but are for the benefit of the lender, rather than you.

The mortgage valuation involves a brief inspection (usually less than 20 minutes in length) and should not be confused with a survey. The report is for the lender and is very much a pro-forma in style and is usually only two to three pages in length. Many, but not all lenders provide a copy of the valuation report or an extract from it to their loan applicant.

If you have a query about a lender's mortgage valuation, you should contact your mortgage provider to see if it is willing to raise the matter with the valuer.

RICS Home Surveys

So that you can be fully informed of the condition of the property before you purchase, our members undertake home surveys. A buyer would be unwise to rely only on the lender’s mortgage valuation. We recommend that depending on the circumstance and type of property any prospective purchaser appoints a surveyor to carry out a Level One survey such as an RICS Condition Report , a Level Two survey such as a  RICS HomeBuyer Report or a Level Three survey such as a RICS Building Survey.

  • Our surveys can empower you as a purchaser by providing you with greater knowledge about your perspective property. There may be some expensive repairs to carry out, identified in a survey that a mortgage valuation wouldn’t necessarily pick up.