A mortgage valuation is carried out for the lender, not for you. Its purpose is to confirm that the property is suitable security for the mortgage — essentially, that it’s worth what you’re borrowing against it and that there are no obvious issues that would make it difficult to sell if the lender ever needed to repossess.
It’s not a survey. It won’t tell you about the condition of the property in any detail. But it’s a crucial step in the mortgage process and understanding what happens helps manage expectations.
How It Works
Once your full mortgage application is submitted, the lender instructs a valuation. Depending on the lender and property type, this might be a physical visit by a surveyor, an automated desktop valuation using data and algorithms, or a drive-by assessment where the surveyor views the property externally only.
Physical valuations are most common for higher-value properties, unusual properties, or where the lender wants visual confirmation. The surveyor typically spends 20-30 minutes at the property — they’re not doing a detailed inspection.
What the Surveyor Looks At
The surveyor assesses the property’s market value based on comparable sales, location, size, condition, and any obvious issues. They also note anything that might affect the property as security — structural problems visible from a brief inspection, flooding risk, non-standard construction (concrete, timber frame, steel frame), short leases on leasehold properties, and environmental factors.
The surveyor provides the lender with a valuation figure and confirmation that the property is acceptable as security. They may also note conditions — for example, requiring a specialist report on a specific issue before the lender will proceed.
What the Surveyor Doesn’t Do
This isn’t a detailed survey. The surveyor won’t move furniture, lift carpets, check the loft thoroughly, test electrics or plumbing, or assess every room in detail. They’re providing a professional opinion on value and lending suitability, not a comprehensive condition report.
If you want to know the actual condition of the property — and you should — you need to commission your own survey separately. A Homebuyer Report or Building Survey will tell you far more about what you’re buying.
Down-Valuations
A down-valuation happens when the surveyor values the property below the agreed purchase price. This is one of the most common issues we deal with, and it’s not as catastrophic as it feels in the moment.
What it means: The lender will only lend based on the lower valuation figure. This means you either need a larger deposit to make up the difference, or the numbers no longer work.
What you can do: Renegotiate the purchase price with the seller — the independent valuation gives you evidence that the property isn’t worth what was agreed. Provide additional comparable evidence to the lender challenging the valuation. Increase your deposit to cover the gap. Walk away if the numbers don’t work.
We handle down-valuations regularly. Sometimes the valuer has missed comparable evidence that supports a higher value. Sometimes the asking price genuinely was too high. We’ll advise on the best course of action based on the specific circumstances.
How Long Does It Take?
From instruction to report, valuations typically take 1-2 weeks. During busy periods it can take longer due to surveyor availability. Some automated valuations return same-day.
The valuation is often the single biggest delay in the mortgage process. We factor lender valuation turnaround times into our recommendations — sometimes choosing a lender with faster valuation processing gets you to completion sooner.
Valuation Fees
Some lenders may include the valuation fee as part of their mortgage product (sometimes described as a “free valuation” offer). In other cases, the valuation fee is charged separately and typically ranges from £200–£500, depending on the property value and lender requirements.
We’ll always tell you whether the valuation is included or charged separately as part of our product comparison. A “free valuation” isn’t worth choosing a product with a higher rate — the valuation fee is a one-off cost, but rate differences compound over the entire mortgage term.
Get in touch to start your mortgage application.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We charge a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £149 to £499 and this will be discussed and agreed with you at the earliest opportunity.
