How do mortgage valuations work?
When you apply for a mortgage, your lender will carry out a mortgage valuation to check the property is worth what you have agreed to pay for it. This will also happen if you’re applying to remortgage, to check the property is worth what you have estimated.
However, a mortgage valuation is for the benefit of the mortgage lender, not you. It only provides basic information for your lender to understand whether the property will be suitable security.
The mortgage valuation is provided by a surveyor. Many valuations now don’t even require anyone to visit the property, historical data is used to provide a risk based assessment.
So to be sure that the property is sound and good value choose a Homebuyer Report or Full Survey.
Useful pages:
[block id=”faq-page-bottom-section”]