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 report to ensure that the home you’ve chosen is in a good state and condition. For a more detailed report which looks specifically at the condition of the building and vital systems like wiring and plumbing you will need to obtain a Home Buyer’s Report or a full Building Survey to check the property is structurally sound.
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 for mortgage purposes only (up to £1.5 million property value). More comprehensive reports are also available, if you wish, but these would incur a cost. Please call Skipton Direct on 0345 850 1755 to speak to a Skipton adviser for more details.
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 Skipton adviser about valuation options on 0345 850 1755*.
Home Buyer's Report and Full Building Survey
A Home Buyer’s Report gives you general information about the condition of the property inside and out, while a Full Building Survey will give you a complete review of the property’s structure and pin-point any defects.
Either of these reports will cost more than a basic mortgage valuation, but it is 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 reports 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.