Mortgage valuation meaning
A mortgage valuation is an assessment carried out for a lender to confirm a property is worth enough to secure the loan. It may be a brief visit or a desktop assessment, the buyer often pays for it, and it is not designed to identify defects or replace an independent survey.
Mortgage valuation is one of the terms you are likely to meet when buying or selling a home in England. Here is what it means in plain English, and where it fits into your move.
Down valuations
If the valuer assesses the property below the agreed price, the lender may reduce how much it will lend. Buyers then renegotiate, increase their deposit, or discuss alternatives with a mortgage adviser.
Key takeaway
A mortgage valuation is an assessment carried out for a lender to confirm a property is worth enough to secure the loan. It may be a brief visit or a desktop assessment, the buyer often pays for it, and it is not designed to identify defects or replace an independent survey.
Frequently asked questions
Do I get a copy of the mortgage valuation?
Sometimes, but not always. The report is prepared for the lender, so you may only receive a summary or confirmation that the valuation was satisfactory.
Key contacts
Keep lender, broker and surveyor details separate and to hand in MyMoveMate.
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