Mortgage lenders perform a valuation, isn’t that a survey?

It’s a common misconception that a lender’s mortgage valuation is the same as a home survey, but they serve very different purposes. A mortgage valuation is a basic check to determine if the property is worth the price agreed upon for the mortgage lender’s benefit. It does not provide a detailed report on the condition of the property, which is what a home survey offers. It is a thorough inspection that identifies defects and necessary repairs, potentially saving the buyer from future expenses. It’s crucial for homebuyers to understand that a mortgage valuation is not a substitute for a home survey, as it does not cover the detailed condition of the property.

A recent study shows that although 80% of homebuyers thought that getting a survey on the home they wanted to buy was a good idea – only about 20% decided to get one. This indicates that many people are reluctant to spend the extra money on getting a survey done before purchasing a house.

All the professionals involved in house buying – including mortgage lenders, financial advisors, solicitors and conveyancers – advise that a prospective buyer seek an expert home survey about the property before purchasing. This is worthwhile because according to the earlier study that about 1 in 4 persons of people who did not get a survey done spent over £2,500 in repairs!! 1 in 10 spent over £10,000 in fixing critical defects which might have been detected in one of our surveys.