Will our lender have to value?

jamja

Hi there,
We are about to put in our mortgage application via a broker and I was wondering what happens about a mortgage valuation. I live in Scotland and last time I bought we had to get a survey done ourselves, however now we have a home report survey (which we are happy with) and through that a valuation. Will our lender also require to value the property or do they accept the home report value?

On the surveyors website they say that they are on the panel for all major lenders, but does that mean the home report value will just be accepted? I think I was hoping that it might speed things up if we go to 'miss out' that step in the mortgage application. We are currently with the Nationwide, but will go with whoever our broker thinks is best.

Thanks for your help.

Dave_Ham

Hi there,

You need to take some guidance from your broker and with very similar rates on offer, would be selecting a lender who would accept this valuation.

The Surveyors, sometimes the individual Surveyor and the date are the critical components on whether this can be used.

Good luck

starbarboy

Hi there

Mortgage companies will accept the Home Report value as long as the company who did the Home Report is on their panel of surveyors. If not, they may request there own. Your broker should be able to confirm for definite if the current valuation is acceptable.

Hope this helps

Stephen

jamja

Thanks for the replies,
The survey was done middle of April so hopefully within any window of time restraint. I did a quick nosey on the surveyors website and they said they were accepted by all major lenders... is there any way to see what solicitors ore on the panel for a particular lender? I will ask my broker tomorrow too, thanks.