MORTGAGE VALUATION (MV)

What it is

When a bank, a building society or any other lender is looking to offer you a mortgage, they will usually want a Mortgage Valuation.

This is not a full survey – it’s simply a way for the lender to

• check the basic condition of the property

• ensure it’s a suitable security for the loan, and get an Open Market Valuation (OMV) – a realistic idea of what the property is worth in today’s market.

What it does

It simply gives information about the property that might make a lender think again about lending money on it.

What you need to know

• It isn’t a full survey – you will need to know more about the property than the Mortgage Valuation alone will tell you

• The Mortgage Valuation isn’t really for you – the contract is between the lender and the valuer.

What we think

To make a well-informed decision whether or not to buy, you need a more detailed survey.