Do I need a home survey if I’ve had a mortgage valuation?
When buying a home with a mortgage (as most people do), the lender will insist on a mortgage valuation. This checks that the bank or provider is supplying you with a suitable amount of money based on the property’s condition.
Once you receive your mortgage valuation report, you might wonder if there’s any point in getting a home survey? Wouldn’t the mortgage valuation inspector have found any problems you need to know about?
The short answer is that you still need a home survey, even if you’ve had a mortgage valuation. This article will explain why.
What is a home survey?
A home survey is a detailed examination of a house you’re looking to buy. Carried out by a trained chartered surveyor, they’re usually done before a property is purchased. The buyer ‘instructs’ a professional, who then travels to the building to inspect it.
Once the inspection is complete (usually only a few days after the buyer gets in touch), the surveyor compiles a report. They’ll include their photographs, notes, recommendations and a note on the overall property condition.
Chat with the surveyor about their findings. Sometimes, everything’s perfect (and if so, brilliant). Usually, though. They’ll have found some evidence of common problems like damp or subsidence. You can then choose how to proceed. We offer three basic levels of RICS home surveys:
- Valuation
- Home Survey Level 2 (appropriate for the majority of buyers)
- Home Survey Level 3
What is a mortgage valuation?
A mortgage valuation is organised and commissioned by your mortgage provider. Its primary aim is to protect the financial interests of the bank or lending organisation. This has a knock-on effect of protecting you (to some extent) from paying too much for an asset.
The mortgage lender will only give you a loan as high as they feel the property is worth. Mortgage valuations are actually essential and help stabilise the market, even though they can sometimes be frustrating to you as a buyer.
A mortgage valuation does include a basic inspection, but it only looks at potential evidence. All facts must be verified by specialists.
I’ve had a mortgage valuation – do I still need a home survey?
There’s a big difference between a mortgage valuation and a home survey.
- A mortgage valuation analyses the property’s overall value and protects the bank’s investment.
- A home survey gives a detailed perspective on all defects and protects your investment in the house.
A mortgage valuation might well pick up on potential evidence of some problems. Nonetheless, it won’t give you the same level of detail as a home survey. Remember, a mortgage valuation is a generic overview. A home survey is an in-depth inspection.
You still need to have a mortgage valuation – your lender will insist on it. But it won’t find all the problems with your home. You should still get a home survey so that you understand the full implications of your investment.
To think of it another way, consider buying a second-hand car. A mortgage valuation is like a quick check to see if you’re paying a fair price. If there are any obvious signs of problems (like a previous write-off or the engine won’t start), it’ll flag them. A home survey would be the equivalent of detailed service checks around the vehicle. It would then allow you to see the car’s true condition and negotiate if necessary.
Ask GB Home Surveys for help
Here at GB Home Surveys, our team of chartered surveyors is spread out across the South West, West Midlands and South Wales. Specifically, we serve Gloucestershire, Herefordshire, Worcestershire, Bath, Bristol, Taunton and North Somerset, Cotswolds, Devon, West Midlands and South Wales. (And we’re still expanding!)
Our team are RICS members, meaning you can trust them to complete a home survey quickly, professionally, and competently. Home surveys are the best security buyers can get when purchasing a new house. They protect you against hidden costs and damages and help you avoid buyer’s regret.
Are you moving to or within an area we’re based in? If so, take a look at our Quote Calculator. If you prefer, use the form below or the Contact page to get in touch with us. We’re always happy to have a commitment-free, friendly chat about what you need.
