A mortgage valuation is an assessment that tells a mortgage provider how much a property is worth. It can help the lender decide how much how much they can lend.

A survey gives a homebuyer details about the condition of the property. It can highlight repairs that need to be carried out. There are a few types of survey, some go into more detail than others.

Before we can lend to you, we need to carry out a standard mortgage valuation to check that the property provides adequate security for the loan we are providing to you. This applies to all applications for a new home purchase or remortgage.

We also use this to calculate the proportion of your loan compared to the value of your property (this is known as the Loan to Value or LTV).

This is not a survey and so may not identify any repairs that might be needed. Because of this, we strongly recommend that you obtain either a Homebuyer Survey or a Building Survey to give you a more detailed inspection of the property.

• We instruct a valuer to visit the property and produce a written valuation report.

• We may use a specialist database to compare the details against other comparable properties in the area.

• We may, at our discretion, carry out a desktop valuation or Property Assessment as an alternative to a physical inspection of the whole property (based on database information, an external appraisal of the property by a valuer, or a combination of both).

In some circumstances we may ask the valuer to carry out a quick check of the outside of the property (known sometimes as a drive-by valuation). When this applies, a standard mortgage valuation can be requested at a later date and you will need to cover the cost of this.

• If a physical inspection or desktop valuation has been carried out, you will receive a copy of the valuation report soon after.
• If you apply for a fee-assisted mortgage product, it's important to note that you may not receive a copy.
• If we carry out a drive-by valuation, carry out a database valuation or a Property Assessment, you will not receive a copy.

If you do receive a copy of the report, please remember it is not a homebuyer's survey - it will not give you any indication as to whether the property is worth what you are paying for it nor will it provide you with a list of any repairs that may be needed.

If you are an existing mortgage customer there are some scenarios where you may need to carry out a new valuation (or ‘revaluation’) of your property. If you'd like to take out an additional loan, we will need to obtain a revaluation of your property. We do not require a revaluation when you are transferring to a new mortgage product, although you can request one if you believe the value of your property has risen since the original valuation.

To find out more about the revaluation process, please call us on 0345 1200 822*

A non-refundable fee of £70 is payable for revaluations on additional loan application and existing borrower transfers. This fee is payable in full at application and cannot be added to the loan amount.