If you're buying a new home, we will need to arrange a valuation of the property to make sure the loan amount you require is appropriate. The cost of this valuation is dependent on the value of the property and we will normally ask you to pay this fee with your application. We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million. Where a valuation charge applies, specific details will be provided in the Mortgage Illustration or Offer document.
Please remember that this valuation is only designed for our purposes. It is not a survey and it doesn’t guarantee the property is free from defects.
We recommend that you obtain your own, more detailed survey to ensure that the home you’ve chosen is in a good state and condition. For a more detailed survey which looks specifically at the condition of the building and vital systems like wiring and plumbing you will need to obtain a RICS Home Survey – Level 2 or a RICS Home Survey – Level 3 to check the property is structurally sound. You can read more about these types of survey below.
If you're remortgaging your existing property we will need to obtain an up to date valuation of your property. As part of our package of benefits for remortgage customers, this will normally be at no charge to you (up to £1.5 million property value). This valuation is for mortgage purposes only. More comprehensive surveys are also available, if you wish, but these would incur a cost.
Buy to Let
If you are a Buy to Let customer looking to purchase a new property or remortgage an existing one, please speak to a member of our mortgage team about valuation options on 0345 850 1755.
RICS Home Survey – Level 2 and RICS Home Survey – Level 3
A RICS Home Survey – Level 2 gives you general information about the condition of the property inside and out, while a RICS Home Survey – Level 3 will give you a complete review of the property’s structure and pin-point any defects.
Either of these surveys will cost more than a basic mortgage valuation, generally considered to be worth the extra expense, particularly if you’re buying an older property. It could also provide you with important points to raise with the seller when discussing the purchase price. Unlike a basic mortgage valuation, these surveys are for your benefit, not ours.
You should also ask to see a copy of an Energy Performance Certificate (EPC), which reports on the energy efficiency of a property and is provided by the seller, or their agent.
Scottish Home Report
In Scotland, sellers have to arrange a Home Report before they can market their property, which includes a survey by a RICS qualified surveyor.