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NatWest mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage. The content on this webpage is guidance only and does not constitute advice.
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.
Find out about the different types of Mortgage Valuations we use
Find out about the different types of Mortgage Valuations we use
The type of valuation we use will depend on the property you are purchasing or re-mortgaging:
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An Automated Valuation. The bank uses an Automated Valuation Model (AVM) as part of an automated valuation process to estimate the property value. No one will visit your property.
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A Desktop Valuation. A Valuer will provide a valuation using online data such as recent sales prices and Land Registry details, local knowledge and experience. No one will visit the property.
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A Physical Valuation. A valuer will visit your property for about 15-30 minutes. They'll highlight obvious major defects that could affect the value and compare the property to similar ones, taking age, condition and location into account.
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A Transcript Valuation (Scotland only). The Bank may ask the same valuer who provided the Home Report to provide a Physical Valuation. The valuer is not required to re-visit the property providing the Home Report is less than 3 months old.
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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 survey?
A mortgage valuation checks that the property has been valued correctly, for our benefit.
A home survey is an inspection of the property’s condition to identify any problems and provide suggestions for repairs.
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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