Mortgage valuation versus property survey
A mortgage valuation is carried out for your lender to confirm the property is worth enough to secure the loan. A property survey is commissioned by you to assess condition and identify defects. They serve different people and different purposes, so a valuation being satisfactory tells you very little about the state of the building.
Many buyers assume the lender's valuation doubles as a survey. It does not, and that misunderstanding is behind a lot of unpleasant discoveries after completion. The two exercises differ in who commissions them, how long they take and what they are for.
What is a mortgage valuation for?
It is a risk check for the lender. The valuer confirms the property exists as described, is suitable security for the loan, and is worth broadly what you are paying.
It can be a brief visit or, in straightforward cases, a desktop or drive-by assessment. You may be charged for it, and you may not receive a full copy of the report.
What does a survey add?
A survey is commissioned by you, reports to you, and is concerned with condition: damp, movement, roof coverings, drainage, timber and the cost implications of what the surveyor finds.
Because your surveyor owes their duty to you, you can call and discuss the findings, which is not usually true of a lender's valuer.
Do you need both?
If you are borrowing, the valuation is not optional; the lender requires it. The survey is optional but widely recommended, particularly for older or altered properties.
Cash buyers have no valuation at all, which makes an independent survey the only condition check in the process.
- Valuation: instructed by the lender, brief, focused on value and security.
- Survey: instructed by you, detailed, focused on condition and repair.
- Down valuation: when the valuer assesses the property below the agreed price, which can reduce how much you can borrow.
Key takeaway
A valuation answers the lender's question about value. Only a survey answers your question about condition, so do not treat one as a substitute for the other.
Frequently asked questions
Is a mortgage valuation a survey?
No. A mortgage valuation is a limited assessment carried out for the lender to confirm the property is adequate security. It is not designed to identify defects and is not a substitute for a survey.
What happens if the property is down valued?
If the valuer assesses the property below the agreed price, your lender may lend less than expected. You would then need to renegotiate the price, increase your deposit, or discuss options with your mortgage adviser.
Can I use the lender's valuer for my survey?
Some lenders offer an upgraded survey through the same firm, which can be convenient and sometimes cheaper. You are free to instruct any RICS-registered surveyor independently instead.
Key contacts
Lender, broker, valuer and surveyor are four different people. MyMoveMate keeps them separate and to hand, so you always chase the right one.
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