Understanding Mortgage Valuations

If you’re unfamiliar with the property buying and selling process, you may not fully understand what a mortgage valuation is and why it is so important. Our new video, Understanding Mortgage Valuations, explains the mortgage valuation process  from appointment through to the submission of the report and answers some frequently asked questions.

A mortgage valuation provides information about a property so that your mortgage lender can make an informed decision about whether the property is safe to lend on At e.surv, we carry out mortgage valuations for the majority of UK mortgage lenders, offering valuations for a variety of purposes such as new mortgage applications, buy-to-let, re-mortgages and equity release.

It’s important to remember that a mortgage valuation is not the same thing as a property survey. A property survey is a much more detailed examination of a property’s condition for the benefit of home buyers and sellers, while the mortgage valuation is purely for the benefit of the mortgage lender. 

e.surv conducts both physical and remote mortgage valuations. It’s our industry-leading remote valuation solution that allowed us to keep the residential property market moving during the first and strictest lockdown period in 2020. 

If a surveyor needs to complete a physical appraisal of the property, the inspection will take around half an hour and will involve the surveyor taking notes on the location and age of the property, as well the general condition and any environmental factors that might influence the property’s value. They will also compare the property with three or more similar properties in the local area to calculate the market value. Once the inspection is complete, the valuation report is usually sent to the lender on the same day. The lender will then use the report to determine whether they are prepared to lend against the property. 

We understand that the home buying and selling process can be confusing. We hope this video will give you a greater understanding of mortgage valuations and the mortgage valuation process. 

Once your mortgage application has been approved, it is advisable to invest in a survey of the property. If you’re unsure which survey is right for you, take a look at our Survey Comparison Guide.

You can also find a range of additional advice on our Advice Hub. 

If you have any questions about your mortgage application, please speak with your lender or mortgage broker, directly.