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Mortgage guide

Mortgage valuation

Online mortgages are provided by NatWest which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Royal Bank of Scotland may receive a fee based on a percentage of any mortgage entered into for this referral.  NatWest and Royal Bank of Scotland mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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What is a mortgage valuation?

When you apply for a mortgage we need to know the value of the property you're purchasing or re-mortgaging.

The valuation that we complete will be for our purposes only. It may not be a physical inspection of the property. You should not rely upon this valuation.

Consider carrying out your own survey to satisfy yourself of the property's value and condition.

Find out about the different types of Mortgage Valuations we may use

If you're buying a home in Scotland, in most cases you'll have been provided a Home Report and we can usually rely on the valuation within that report for our lending purposes.

Find out about the different types of Mortgage Valuations we use

The type of valuation we  use will depend on the property you are purchasing or re-mortgaging:

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Whichever valuation is completed will be for our purposes only. You will not receive a copy of the valuation report.

What’s the difference between a mortgage valuation and a Home Report?

A mortgage valuation helps us confirm a property’s value and is for lending purposes only, whereas a Home Report provides you with key information about the condition of the property that you are looking to buy.

Find out about Home Reports Open in new window
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How much does a mortgage valuation cost?

Generally we do not charge a fee for obtaining a mortgage valuation however there may be circumstances where a fee is payable. We will inform you of this prior to your application.

Where we charge a fee this is £102 for properties with a value of up to £3m.

You will not receive a copy of the valuation report.

Does a valuation mean the mortgage is approved?

A valuation being completed doesn’t mean the mortgage is approved, the valuation report can flag issues. For example:

  • If the condition of the property, e.g. general stability of the property, effects the security of the loan that you are applying for
  • Property value being lower than the offer price

There can also be other requirements that may not be met, such as:

  • Applicant eligibility checks not matching the lender’s criteria e.g. affordability checks, personal circumstances changing since initial application.

How long after a valuation can you expect a mortgage offer?

When the valuation has been completed this will usually lead to the mortgage offer which can take around one week (but can vary based on individual circumstances). Once you have a mortgage offer you can proceed with the purchase of your property.

What happens if the mortgage valuation is lower than the offer?

This is also known as a ‘down valuation’ and can happen when the valuer values the property lower than the agreed price.

This may mean that we will only be prepared to lend based on a percentage of the purchase price or mortgage valuation (Loan to Value), whichever is lower.

If this happens, we will contact you with next steps.

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What happens if the mortgage valuation is higher?

If you do find yourself with a higher mortgage valuation compared to the purchase price (or estimated value) this tends to be because the purchase price is lower than the market value.

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