Home Buyers Or valuation Fee ?

thequant

I'm applying for a PO mortgage, and I need to choose either a Home Buyers report or valuation fee ? which is best, especially as it's not refundable.

FWIW, I plan to pay for my own full monty survey at some point.

kingstreet

If planning to have your own chartered building survey, there's little point having a more in-depth survey done by the lender's surveyor. The basic mortgage report and valuation is the cheaper option.

Is there no option for the lender's surveyor to do you the chartered building survey? That would get you the most cost-effective option, but I know many lenders have stopped offering it.

thequant

kingstreet wrote: »

If planning to have your own chartered building survey, there's little point having a more in-depth survey done by the lender's surveyor. The basic mortgage report and valuation is the cheaper option.

Is there no option for the lender's surveyor to do you the chartered building survey? That would get you the most cost-effective option, but I know many lenders have stopped offering it.

Looks like a straight choice between Homebuyer report or valuation report.

Valuation report is cheaper than home buyers, so I presume it is more basic.

kingstreet

It is.

The basic mortgage report and valuation establishes the price/value on the application is reasonable and reflects what could be raised for the property on repossession and that the property is suitable security for the mortgage.

A homebuyer's report is an intermediate survey which sits between the basic valuation and the chartered building survey.

I'd only have a homebuyer's if you know what to look for in a property and don't plan to have a more in-depth survey carried out.