The survey and valuation
Once we’ve completed your mortgage application, we’ll arrange for the property to be valued. This valuation is for our purposes, so we know the value of the property suits the size of the mortgage you’re requesting. Once the valuation is received we can make you a formal mortgage offer, meaning your mortgage has been approved.
The way we value your property will depend upon the type of mortgage you require and the amount you’re borrowing.
This will either be an automated valuation (AVM) or by instructing an independent registered valuer to inspect the property externally or carry out an internal inspection. Where a valuer has inspected the property internally a copy of the valuation report will be enclosed with your mortgage offer.
It is important to note that a mortgage valuation is not a survey and doesn’t advise you on the condition of the property in any detail.
If you're buying in Scotland we'll accept a transcription of the valuation in the Home Report, which the seller prepares.
With any property purchase we strongly advise that you spend a little extra money to get a survey to check the property's condition before you commit to it.
You can find a surveyor by contacting RICS. There are a number of different surveys available, a couple of which are summarised below. It’s important to discuss with the surveyor which type of survey is best for your requirements.