First Time Buyer Guide to buying your own home.
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A Mortgage Valuation is not a Property Survey
If you are a First Time Buyer or Getting Started in BTL it is important to note that a mortgage valuation is not the same as a property survey.
Choosing the right survey will help identify any major issues and inform buyers about necessary repairs to get the property up to standards.
A mortgage valuation only provides information for your bank to understand whether the property will act as viable security for the loan you've asked for.
A valuation is a basic assessment that only identifies obvious defects in a property by searching databases and making cursory observations. These observations are not comprehensive. It can still result in your mortgage application being declined. In such cases, you may need to consider renovation finance instead.
Mortgage Lenders often won't share the valuation with you, or if they do, it's often a summary. A mortgage valuation may not even take place physically. Mortgage lenders can use an Automated Valuation Model (AVM) to estimate the value from behind a computer desk.
See: Commercial Valuations on HMOsOn the other hand, a Home Survey is designed to provide you with a more detailed and comprehensive report that can help you identify any defects in the property. This information can help you decide whether to continue with the purchase and also give you an idea of the estimated costs involved in addressing any issues.
There are 3 levels of a survey. At a minimum, you want Level 2, which includes checking concealed areas (roof spaces, basements, etc.) and advising on repairs and maintenance. However, Level 3 is much more detailed and will give you more confidence.
When you hire a surveyor, they will inspect the property to identify any issues that need to be addressed. These can range from minor issues, such as a damp patch, to more significant structural problems, such as the need to replace the roof. The surveyor will provide a detailed report outlining the repairs or alterations required to ensure the property is in good condition.
The price of Surveys depends on your property value. At the average property value of £250,000, a Level 2 HOMEBUYER SURVEY can cost up to £500, whilst a Level 3 BUILDING SURVEY can cost £1,000.
See: Nationwide: Talks about Home SurveysAt the time of your mortgage application, you can ask the Mortgage Lender to upgrade the Valuation to a Survey on the payment of a fee. This is not always available at all mortgage lenders.
It is recommended not to use your Estate Agents Valuer (RICS or Otherwise) to get an independent view of the property. Contact a Royal Institution of Chartered Surveyors (RICS) to book an independent survey. You can Find RICS members Online.
See: RICS: Talks about Home SurveysWe are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
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We are authorised and regulated by the Financial Conduct Authority (No. 919921). The FCA does not regulate most Buy to Let mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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