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What is a mortgage valuation?
When you apply for a mortgage we need to know the value of the property you're purchasing or re-mortgaging.
The valuation that we complete will be for our purposes only. It may not be a physical inspection of the property. You should not rely upon this valuation.
Consider carrying out your own survey to satisfy yourself of the property's value and condition.
If you're buying a home in Scotland, in most cases you'll have been provided a Home Report and we can usually rely on the valuation within that report for our lending purposes.
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Whichever valuation is completed will be for our purposes only. You will not receive a copy of the valuation report.
What’s the difference between a mortgage valuation and a Home Report?
A mortgage valuation helps us confirm a property’s value and is for lending purposes only, whereas a Home Report provides you with key information about the condition of the property that you are looking to buy.
How much does a mortgage valuation cost?
Generally we do not charge a fee for obtaining a mortgage valuation however there may be circumstances where a fee is payable. We will inform you of this prior to your application.
Where we charge a fee this is £102 for properties with a value of up to £3m.
You will not receive a copy of the valuation report.
What happens if the mortgage valuation is lower than the offer?
This is also known as a ‘down valuation’ and can happen when the valuer values the property lower than the agreed price.
This may mean that we will only be prepared to lend based on a percentage of the purchase price or mortgage valuation (Loan to Value), whichever is lower.
If this happens, we will contact you with next steps.
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What happens if the mortgage valuation is higher?
If you do find yourself with a higher mortgage valuation compared to the purchase price (or estimated value) this tends to be because the purchase price is lower than the market value.
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