Mortgage Lender's valuation report... not allowed to see it.

ObiWan2017

Hi all,

As part of my mortgage application with Virgin Money I paid for the basic Lender's valuation report. All went well and I got the mortgage offer through quickly.

I asked my broker to ask Virgin Money for a summary of the valuation report and was told VM declined to share it and that VM recommended I commission my own survey.

When I bought my current property with a mortgage through Nationwide they provided a one pager on the details of the property and a 5 line summary of the survey. On that occasion I also commissioned a homebuyer survey so got that full report separately.

I understand the risk of not getting a more detailed survey so don't intend to do that. The VM survey cost £331 and the mortgage comes with a £300 cash back on completion so I'm not worried about being out of pocket here.

Given that I have paid for a survey to happen (albeit for the lender to lend to me) do I have any consumer right to demand access to the survey report?

The only thing i can find on the VM website about this is to say "this report is separate to any that you choose to get" - which isn't too obvious that they won't share even a snippet.

Is this typical in the industry? Do other lenders provide a summary instead of sharing the basic report?

Grateful for any insight. Thanks.

kingstreet

No you don't.

Nationwide has also gone non-disclosed as well.

The mortgage report and valuation (nothing to do with a survey) is done by the lender's chosen surveyor purely for the lender's benefit whether you pay for it or not.

FIRSTTIMER

No you cant - the only lender that allows surveyors to send the mortgage valuation report out is HSBC/First Direct all other seem to be non disclosed.


I have no idea why - but having said that hsbc/first direct are the cheapest in terms of paying for valuation/surveys and they also pay the surveyors the most out of the lenders for carrying out the task which is interesting but no idea why.

Strummer22

I got a copy of ours from Leeds BS. Unfortunately that purchase fell through and we're now going with Nationwide on a different house. Bummer that they don't disclose, I was going to use what they said to decide whether I wanted a more detailed survey.

I presume they at least disclose that they're happy with the valuation and prepared to lend the full amount!? :rotfl:

kingstreet

Colleys issues a copy of the valuation on all Halifax cases.