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The Mortgage Valuation

A Valuation for Mortgage Purposes

For the purpose of deciding how much can be advanced by way of loan on security of the property, the Society may have to have a Valuation Report prepared. A copy of the Report may be made available to you, for information only, if an Offer of Advance is made. It is important that you should understand the limitations of the Report.

The Society may use alternative valuation methods, which include the use of limited external appraisals, or use computer based data to assess the property. Remortgage customers and existing customers applying for Additional Borrowing will not receive a copy of the assessment.

The Valuation Report is made solely to enable the Society to decide how much to lend on the security of the property and on what terms. It is not a survey and it is not based on a detailed examination of the structure. You should not therefore assume that there are no defects in the property besides those (if any) mentioned in the Report. Also, some points which might be important to you, as a purchaser intending to occupy the property, may not be mentioned in the Report, because they are unlikely to affect the adequacy of the property as a security for mortgage purposes.

It is for you to satisfy yourself as to the condition of the property and that it is good value for money. The fact that the Society grants a loan will not imply any warranty that the price you are paying is reasonable. You should consider, and discuss with your solicitors, whether to have a further inspection or survey carried out. Without advice of that nature you will be taking the risk yourself of any defect or matters adversely affecting the value of the property.

The Society operates a Panel of Valuers and instructs one to carry out our valuation report. Neither the Society nor the Society's Valuer will accept any liability to you for the contents or accuracy of the Valuation Report (even if the Valuer is negligent in relation to the Report).

The Valuer is also able to undertake a RICS Homebuyers Report or a full structural survey for you in addition to the Building Society Valuation.

The fee for a full structural survey will be payable directly to the Valuer concerned. If you have an independent survey carried out, the Society will not be able to use this for mortgage purposes. Our usual valuation fee will be payable.

Homebuyers Report

If you require a more detailed examination of the property the Society can ask the Valuer to carry out for you the Royal Institution of Chartered Surveyors Homebuyers Report. This covers an inspection of the parts of the property which are readily visible or accessible and includes the Surveyor's opinion of the open market value of the property. The Report describes the condition of the property. Any major defects are listed in general terms with recommendations. The Surveyor examines the roof space if there is an easily accessible hatch. He cannot inspect flooring if it is covered by furniture, fitted carpets, etc. Whilst the Surveyor looks at the electrical wiring and lifts the drain covers he does not test either of them. If you require such a Report the Society will still need its own Valuation Report but if the two inspections are carried out at the same time, the fee for the Homebuyers Report will be reduced.

Building Survey

Neither of the Reports referred to above is a full Building Survey. A Building Survey is a very detailed inspection of the property and provides a comprehensive report on its condition, describing in detail any defects. There is no standard scale of charges and the actual cost is subject to negotiation with the Surveyor. If you wish to have a Building Survey the Society can put you in touch with a qualified Surveyor.

Valuation Charges

The lower scale set out below covers a standard mortgage valuation. The higher scale is for the more detailed RICS Homebuyers Report when it is carried out at the same time as the Society's Mortgage Valuation. This fee must be paid at the time the application form is submitted.

Property Valuation Charge

Purchase Price / Estimated Value
(not exceeding)
Standard Mortgage Valuation
Standard ReMortgage Valuation
Homebuyers Report
Over £500,000
On request
On request
On request

For Fee Free Remortgage products, we will pay the valuation fee and our legal fees for standard remortgage work only provided our nominated solicitor and valuer are used.



Your home may be repossessed if you do not keep up repayments on your mortgage.