mortgage valuation and homebuyers report advice pls

Shoey1610

We are in the process of applying for a mortgage with Santander. They offer a free mortgage valuation as part of the product, but they don't knock the equivalent off a homebuyers report if you would like one. I'm only mentioning that because I know some lenders do.

Would it be a problem to let Santander do their free basic valuation survey and then on reciept of the mortgage offer arrange for a homebuyers report with a local independent surveyor?

I don't see any sense in paying out for a homebuyers before being offered a mortgage if there is no saving involved, but is there any other reason to do them both at the same time or would Santander want us to use their surveyors (e.surv) for a homebuyers for any reason?

Thrugelmir

You might as well have the surveyor appointed by the lender to perform a homebuyers survey. As it will cost you the same in the end.

No point progressing with mortgage application if you have issues with the property in some way.

Shoey1610

Thanks Thugelmir. I dont think there are any huge issues with the property, maybe I do need to just go in for a penny in for a pound, as if all goes through we plan on living there for years so should just get everything arranged.

poormaria

Ask the santander for the surveyors number before they do the basic and then you can pay for the additional homebuyers direct with them yourself. This is done all the time. I dont think the banks tell you this directly but a good advisor knows this

Wh05apk

As you say Abbey do not give you credit off a home buyers, with Abbey I always recommend clients get the "free" basic one from Abbey, then instruct their own homebuyers once the offer has been issued, it will usually work out a couple of hundred pounds less, it will also be a second pair of eyes looking at the property.

Shoey1610

I have the contact details for esurv but they charge £650 for a homebuyers, but a local chartered surveyor will do it for £350 and I have recommendations for him.

Thanks for all the advice, always grateful for it!

amnblog

Wh05apk wrote: »

As you say Abbey do not give you credit off a home buyers, with Abbey I always recommend clients get the "free" basic one from Abbey, then instruct their own homebuyers once the offer has been issued, it will usually work out a couple of hundred pounds less, it will also be a second pair of eyes looking at the property.

This is the way to go.

ConfusedofYorkshire

I got quotes for independent surveyor and they were all cheaper than the homebuyers report from my bank. However, as my valuation wasn't free it made more sense for me to pay the bit extra to have them do the homebuyers.

In your situation I'd shop around and get your own surveyor. If you find a good one you may even get a better quality report and service.

Kch

Shoey1610 wrote: »

We are in the process of applying for a mortgage with Santander. They offer a free mortgage valuation as part of the product, but they don't knock the equivalent off a homebuyers report if you would like one. I'm only mentioning that because I know some lenders do.

Would it be a problem to let Santander do their free basic valuation survey and then on reciept of the mortgage offer arrange for a homebuyers report with a local independent surveyor?

I don't see any sense in paying out for a homebuyers before being offered a mortgage if there is no saving involved, but is there any other reason to do them both at the same time or would Santander want us to use their surveyors (e.surv) for a homebuyers for any reason?

They do as I'm with santander and this is what we are doing! The homebuyers report will be the cost less minus the amount they pay towards the free valuation. My financial advisor looked into this for me as first they said no but when she spoke to her business development manager she was told they do do it

Mrs_Rachel_Trelfa

I can confirm that when we bought our first house last November and went with Santander we paid the difference between the cost for valuation and home buyers report and valuation only (i.e. just paying for homebuyer report)

Shoey1610

How confusing this all is!

So my understanding is:

Valuation with Santander is free regardless and carried out by e.surv.

If you want a homebuyers you pay just for the homebuyers through e.surv without Santander's involvement.

e.surv charge £650 for a homebuyers on my purchase price level.

My local registered and recommended surveyor charges £350 for the homebuyers.

It is still cheaper not to get homebuyers at same time as Santander's valuation with e.surv.

Please correct any part of this as my head is now spinning!