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 property valuation which gives a realistic idea of what the property is worth in today’s market.
What it does
It simply gives information to the lender about the property to determine if they are prepared to lend 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 report alone will tell you.
- The Mortgage Valuation isn’t really for you – the contract is between the lender and the valuer.
This is to determine from the lenders view – that the property is worth what you’re paying for it and is
What we think
To make a well-informed decision whether or not to buy, you need a much more detailed buyers survey such as a full building survey.
Click here to enquire about a mortgage valuation, or call us on 01473 623 656 or freephone 0800 652 8285.