Mortgage Valuation
What is a Mortgage Valuation Report?
A mortgage valuation report is carried out for a lender, like a bank or building society, whoever you’re getting the mortgage from.
Caution: Not all RICS surveyors are able to do mortgage valuations for all lenders. Be sure to choose the right person for the job!
Ruth Brown & Co have access to the panels for a large number of lenders. To find out if your lender is one of them, get in touch here.
The mortgage valuation is purely for the lender to receive and read. It is designed to advise them about the property in detail, especially if there are any issues.
This confirms the value of the property and ensures that it will be a suitable security for the loan you’re applying for.
Highlands and Islands Mortgage Valuation Reports
One important element for these types of valuation reports is local knowledge.
The lenders are sat in offices a long way away and are relying on us as surveyors to be their eyes “on the ground”, as it were.
When people don’t know the local characteristics of the Highland and Island property market, they can sometimes make the wrong judgement regarding the value.
Knowing the local market as well as we do, understanding the national and regional forces upon that market, and knowing these homes and what makes them unique means you can feel secure you’re getting the best advice sent to your lender.
Does a valuation mean that the mortgage is approved?
If the sale price (or remortgage amount) is agreed to by the lender, this is an important step to being successful in getting the mortgage.
It doesn’t mean that your mortgage application has been, or definitely will be, approved. There can be other requirements that impact this so try not to count your chickens before they’ve hatched to avoid disappointment.
If you need a purchase or remortgage valuation carrying out, please get in touch so we can chat it all through with you.
