So, you’ve found a property you’d like to buy, but you can’t proceed until you’ve had a valuation. It’s important to remember that a valuation is not the same thing as a survey. But why do you need either?
Before agreeing to lend you the money to buy your property, your mortgage lender will want to ensure:
- that you can afford to make the repayments – what is your income compared with the value of the loan you’re requesting?
- that you will pay – what is your record of repaying loans?
- that the property is worth more than the loan.
For these reasons, mortgage lenders require a property valuation (Mortgage Valuation).
Buying a house is likely to be one of the biggest investments you’ll ever make so before you commit, you must make sure:
- that you can afford the repayments on the loan – what’s your income compared with the loan amount?
- that you can pay – what is your experience of repaying loans?
- that the property is worth the asking price, and that you are aware of any repairs that need to be made
For these reasons, home buyers need surveys.
Your fourth step on the home buyer’s journey is therefore to instruct a valuation and survey of the property you’re thinking of buying.
Remember, just as a lender won’t lend without a valuation, a buyer shouldn’t agree a price without a survey.
If you haven’t already, look at our product comparison guide to find out which survey report is right for you and your circumstances.
To book a survey, or for free advice on which survey to choose, please give us a call on 0800 169 9661.