Whether you’re buying or remortgaging, at this stage we will arrange for a mortgage valuation for our purposes only so that we are comfortable the property will be suitable security for the loan you're applying for.
Mortgage valuation
A mortgage valuation is the minimum check we require to progress the mortgage for house purchases or remortgages. This may not be a physical inspection of the property. We may use an Automated Valuation Model (AVM), or carry out the valuation on a desktop which would not take into account the actual physical condition of the property. If a physical valuation is completed, the valuer will highlight obvious major defects that could affect the value, then compare the property to similar ones, taking age, condition and location into account. This information is used to write a mortgage valuation report for our purposes only
Remortgaging
If you're remortgaging, we will decide the most suitable valuation for your property
Other survey types
If you'd prefer the re-assurance of a more detailed survey, you can search for a surveyor on the RICS website.
Alternatively, you can contact our partners Legal and General on 0345 200 2046 or visit the L&G website.
Buying a property in Scotland
If you're buying a property in Scotland, please check with your solicitor or the seller that a Home Report has been completed within the last three months.
Valuation result
Sometimes the valuation amount may be different to the estimated value or purchase price that you provided in your application. A physical inspection may also highlight building defects in the property. If this impacts our lending decision or the product you have chosen, we will notify you.