BUYING A HOME
A mortgage lender may arrange a valuation when assessing a property for lending purposes, while a buyer may separately choose to obtain a property survey to understand more about its condition.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
What is a mortgage valuation?
A lender may obtain a valuation to help assess whether the property provides suitable security for the mortgage. Approaches can vary, including physical inspections, remote valuations or automated methods depending on the lender and property.
A mortgage valuation is primarily for the lender. It should not automatically be treated as a detailed assessment of the property’s condition for the buyer.
What is a property survey?
A buyer can separately arrange a survey to obtain information about the property’s condition. The scope and detail depend on the survey commissioned and the property.
Mortgage valuation
Primarily helps the lender assess the property for lending purposes.
Property survey
Commissioned for the buyer to obtain information about condition according to the survey scope.
One does not necessarily replace the other.
What happens if the lender values the property lower than the purchase price?
This is commonly described as a down valuation. A lower valuation can affect loan-to-value and potentially the amount a lender is prepared to advance or the mortgage options available.
The buyer may reconsider the price
The buyer may decide whether to discuss the purchase price with the seller.
The deposit requirement may change
More of the price may need to be funded without mortgage borrowing if the transaction proceeds.
The mortgage application may need reviewing
Available products or borrowing arrangements could potentially change.
If the valuation identifies a problem, the lender may ask for further information, impose requirements, change the amount it is prepared to lend or decide not to proceed, depending on the issue and its lending criteria.
Different levels of survey are available depending on the property and detail required. For authoritative survey guidance, visit RICS. A mortgage offer should not be interpreted as a guarantee about the property’s condition. The lender’s assessment and a buyer’s decision about further investigation serve different purposes. The lender’s property assessment normally forms part of the mortgage application, but timing and procedure vary.
Mortgage valuation and survey FAQs
What is a mortgage valuation?
Is a mortgage valuation the same as a survey?
Do I need a survey if my lender has valued the property?
Who pays for the mortgage valuation?
What is a down valuation?
What happens if the lender values the property too low?
Can a mortgage be declined because of the property?
Does a mortgage offer mean the property is in good condition?
BUYING A HOME
Buying a property and arranging a mortgage?
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