Before a lender will offer you money to buy a property, they’ll always need to arrange a mortgage valuation – otherwise known as a valuation for lending purposes. The lender will arrange one with a qualified surveyor of their choice, either before or after they start underwriting your mortgage application.

A valuation for lending purposes is straightforward and less detailed than other surveys. It’s where a surveyor ensures there aren’t any significant problems with the property, ones that would make it unsellable or unlivable – e.g. that there’s no working bathroom or kitchen.

A mortgage valuation is simply a way for the lender to make sure the property you want to buy is worth the minimum amount needed to justify how much you’ve asked to borrow and is suitable security for a mortgage. In fact, although a valuation for lending purposes typically involves an internal inspection, sometimes the surveyor can carry it out online, via a desktop – or computerized – valuation.

People sometimes think that a desktop mortgage valuation is a survey but this isn’t technically true, because the surveyor doesn’t physically visit the property and carry out an internal inspection.

Every so often, the lender will instruct a physical valuation after a desktop valuation reveals potential issues, e.g. subsidence issues in the area, risk of floods, etc.

You may have to pay the lender for the valuation, but there are some that will cover the cost.

Homebuyer’s Report

A homebuyer’s report, sometimes referred to as a “home survey report”, is a type of property survey. It’s more detailed than a valuation for lending purposes and includes a report for the borrowers on the state of the property. It also outlines any future work the property may need, like rewiring, new pipes, or repairs to resolve any issues with dampness, etc.

You can hire a survey to carry out a homebuyer’s report for you or you can pay for the lender’s surveyor to carry one out when they conduct the valuation for lending purposes. It’s worth bearing in mind that organising a homebuyer’s report through your surveyor may sometimes be cheaper than arranging one independently. The lender won’t see your homebuyer’s report even if you have their surveyor carry one out, as the ongoing maintenance of the property will be your responsibility.

We usually recommend organising a homebuyer’s report if your house is older than 10 years.

Full Structural Survey

A full structural survey, or full building survey as it’s sometimes called, is the most extensive – and most expensive – survey you can have on a property. It’s unnecessary for most buyers as it goes into great detail about the structural integrity of the building and any potential work the property may need.

Structural surveys are optional but are heavily advised if the property you want to buy is older than 200 years, has a structural anomaly – e.g. it’s attached to a windmill – or if you’re planning on developing the property by adding an extension, renovating it, adding a new roof, etc.

A lender won’t arrange a full structural survey. You need to organise one with an independent structural surveyor.

When you remortgage your property, you take out an entirely new mortgage but stay in the same property. Your new mortgage replaces your previous mortgage.

You will have already had a valuation for lending purposes carried out on your property when you first took a mortgage to buy it, and as you’ve lived there ever since – assuming it’s your main residence and not a rental property – then you’ll know the state of it.

Therefore, unless there’s been damage to your property, you’re remortgaging so you can add an extension or renovate your home, or there’s another, specific reason you need your property surveyed, then you won’t require anything too detailed. The surveyor might not even need to come out. They may simply conduct a desktop valuation instead. Whether the surveyor carries out a physical or desktop valuation will be up to the lender.

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You can also call us on 01634 96811 to speak with an adviser about the kind of mortgage you need. Or simply make an enquiry through the form below and we’ll get back to you.