It’s important to understand the different types of survey so that you can decide which one is most suitable for you.
Basic Mortgage Valuation
Your mortgage lender will insist that they carry out their own valuation on your new property. Often this is free of charge and paid for by the lender, however some lenders will charge you for this. The valuation is not for your benefit, it is for the benefit of the lender only. The lender wants to make sure that they are happy with your property, agree it’s value and make sure it is suitable security. Remember that if you can’t pay for your mortgage the lender will repossess your home and sell it to get their money back. They need to be sure that they can sell it easily to repay your mortgage. Whilst the valuer may pick up on major property defects such as subsidence and dampness they are not under any obligation to do this. So see this as a basic valuation report not a survey and note that the valuer is working for the lender and not you, even if you are paying for it.
Homebuyers Report
A homebuyer survey is a report carried out to a standard format set out by The Royal Institution of Chartered Surveyors (RICS). It’s most suitable for properties less than 150 years old that are in reasonable condition. Wiring, drainage and gas are not included, so you may want a specialist to check these as well. A homebuyers report will typically cost £350-£500.
Building Survey
This is the most thorough report available and is a full structural inspection of the property. It is suitable for all properties, especially listed buildings, older properties and buildings constructed in an unusual way. A building survey will typically cost £550-£900
How do I decide what to do?
It really depends upon your own personal preference. Do you want to pay for a full survey and have more reassurance? Do you prefer to take the cheaper or free option of a basic lender valuation? Do you have any concerns about the property?
It’s best to discuss this with your mortgage broker before making a decision. To chat to your broker simply start here:
Now that you have filled in this form why not find out more about us?
What we do:
- Search from a unlimited range of mortgage lenders
- Offer completely unbiased mortgage advice
- Home buyer mortgages
- Remortgages
- Buy to let mortgages
- Equity release – expert advice for later life borrowing
- Life insurance
What we don’t do:
- Pay your mortgage – if you do not keep up on your mortgage repayments, your home may be repossessed.
- Charge you a fee – we are a fee free broker, providing expert advice without the fees!
