A Mortgage Valuation only addresses the Mortgage Lender's basic questions to confirm that the property is suitable security for your mortgage. It is not a detailed survey or report on the condition of the property.
Your Mortgage Lender is not required to give you a copy of the mortgage valuation. In fact the Lender prohibits the surveyor from discussing the content of the report with you - even though you will usually have paid for it as part of the mortgage application process!
Some home buyers rely solely on the lender’s mortgage valuation! However, savvy purchasers follow the Council of Mortgage Lenders (CML) formal recommendation, and get a HomeBuyer Report or Building Survey before they purchase a property. There are 2 options of Home Survey and the differences are detailed below:
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| For a home purchaser looking for a survey of the property |  | | |
| For a Mortage Lender requiring only a valuation |  |
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| Identifies possible problems |  | | |
| Can help you negotiate a better property price | | | |
| Tells you the condition of your property | | | |
| Helps avoid unexpected costly repairs after you move in | | | |
| Easy to understand layout so that you can quickly find the details you need | | ||
| Independent valuation to help prevent overpaying for the property | |
| Mortgage Valuation | HomeBuyer Report | Building Survey | |
|---|---|---|---|
| Report from a RICS Qualified Surveyor | | | |
| Report on construction and condition of property following visual inspection | | ||
| Report on construction and condition of property following visual inspection | | | |
| Clear traffic light rating | | ||
| Highlights hazards/defects needing urgent attention | | | |
| Information for your Conveyancing Solicitor | | | |
| Professional advice on reparis and maintenance | | | |
| Building reinstatement costs for insurance purposes | | ||
| Suitable for properties 1850 to date and standard construction | | | |
| Suitable for an older or extensively modified building or one in need of modernisation | |
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