Empowering Lenders with Informed Decisions
During the underwriting process, a lender will always need to conduct a property valuation for any security being used. This valuation provides the lender with important details that inform their lending decision and the amount they can lend against the security. The type of valuation that is conducted will depend on whether the loan is a remortgage or purchase, as well as the loan-to-value ratio that the applicant requires.
Valuations are intended for lenders, not buyers. Standard valuations are not comprehensive surveys and should not be relied upon by buyers.
Valuation Types
When a property is being used as security, there are different types of valuations that can be conducted. These valuations are performed on behalf of the lender, and the cost is typically the responsibility of the applicant, unless otherwise stated in the terms of the product. Once the valuation is completed, the cost is non-refundable.
Some example of different valuations are: