Cashback Remortgages · First-time buyers
Mortgage Valuation vs Survey for First-Time Buyers
A lender's valuation and a survey do different jobs. Confusing the two can leave you without a proper check of the property's condition.
Two different reports
A mortgage valuation confirms the property is adequate security for the loan — it is not a condition report for you. A survey, such as a homebuyer report or building survey, assesses condition and potential problems.
You can commission a survey in addition to the lender's valuation.
If the valuation is low
If the lender values the property below the agreed price, it may lend less, so you might need a larger deposit or a renegotiation. Discuss options with your adviser and conveyancer.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.