A mortgage valuation survey doesn’t give the full picture
People often think that a mortgage lender’s valuation survey checks the condition of a property – but it doesn’t!
Mortgage valuations can give you a rough idea of whether you are paying too much (or too little!) for a property. A lender’s valuation is a limited check on a property to make sure it is worth the money they are lending. Or, to put it another way, it answers the question ‘Will we get our money back if we had to force a sale?’, which is different from the value of the house on the open market.
A full and thorough building survey, however, is vital as there are some problems you just can’t confirm for yourself. Even if you suspect damp or subsidence, only a surveyor can tell you for sure. Not having a more in-depth survey and relying on the mortgage valuation alone could prove to be a costly decision further down the line.
If you have any questions or require some free related advice then please do not hesitate to contact us.
- Home buyer surveys
- Full building surveys
- Listed/cherished building surveys
- Building defect reports
- Party wall matters
05 Sep 2018
Helping buy-to-let landlords stay compliant
27 Jul 2018
The perils of spray foam insulation
02 Jul 2018
The root of potential problems
Newsletter sign up
A new and unique Mi Buy To Let survey product is to be released shortly. Update to follow end of month. https://t.co/Xa3u0fa6E5
Nice one! Couple illegally converted their garage into an extra house https://t.co/wGSMDVkYyB
Give your house an MOT this week! https://t.co/npwMLuygBt