What valuation, survey and reports you will need when buying your home can be confusing but our advisors are here to guide you through every step of the process.
The lender will do their own mortgage valuation, many lenders offer this for free of charge but some will charge a fee. This type of valuation is purely for the lender to assess the suitability and value of the property for mortgage purposes. You will not get a copy of this valuation and you can not rely on the lender making you aware of any issues as in some cases, the lender will not even visit the property.
Therefore we recommend you instruct your own survey to give you peace of mind on the biggest purchase you’re likely to make.
Our useful slides will explain what each survey covers and what survey you should chose.
We recently had a client that was purchasing an investment property and the lender’s valuation had picked up no concerns. Yet when the client instructed their own valuation, severe damp was found. The survey gave a breakdown of the work needed and costs to fix them. This gave our clients comfort to proceed with their purchase knowing the costs and work needed.
If you would like to know more about valuations and surveys, please get in touch:
01273 758519 📞
info@mecmortgages.co.uk 📨
www.mecmortgages.co.uk
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It is important to take professional advice before making any decision relating to your personal finances. The information contained within this post is for information only purposes and does not constitute financial advice. Your home may be repossessed if you do not keep up with the repayments on your mortgage.
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