Mortgage Valuation Report
A mortgage valuation report is often wrongly referred to as a survey, but it’s important to recognise the distinction between a full survey and a simple mortgage valuation.
Mortgage valuation reports are a brief overview of the broad structure and general condition of a property. They are carried out on behalf of a mortgage lender, and identify the following:
- The overall value of the property
- That the property provides security for the loan a lender provides
These reports are the most basic inspection of a property, and some lenders may not choose to share the final report with you. The lender will also employ their own surveyor to carry out the valuation and they may not have experience of properties in the local area.
Because of the basic nature of mortgage valuation reports, it is critical that homebuyers opt for a more thorough, private survey in the form of a full building survey or a HomeBuyers survey.
These are carried out by your chosen surveyor, and provide an expansive amount of detail on the property from current condition throughout to potential and ongoing problems, as well as any future repairs that may be needed.
Homebuyers should never rely on a mortgage valuation report alone, and should always seek out an independent survey to obtain a much clearer and insightful opinion of the property before entering into any contract.
Newton Associates provide completely honest, independent and objective homebuyers and building survey services to customers throughout the Chelmsford, Bishop’s Stortford and Saffron Walden catchment areas. Our small private practice allows us to be attentive to your needs, and you can discuss the survey in depth with us before and after it has been carried out.
To find out more about our in-depth property surveys, or for advice on where to go next after a mortgage valuation report, don’t hesitate to contact our friendly team today.