What is a mortgage valuation
A mortgage valuation is arranged by the company (lender) who are going to lend you the funds for your mortgage. This valuation gives the lender a rough guide as to whether the property’s value correctly reflects the purchase price.
When you apply for a mortgage, the lender may send a representative to the property. The representative will want to see all aspects of it including the loft space.
It is not a full valuation. A buyer would be extremely unwise to depend on the mortgage valuation to value the property and confirm that it is a good buy. We recommend that you arrange for a survey to be carried out on the property yourself.
If you are the seller of the property and it is given a low mortgage valuation, all is not lost.
You can use the information contained in the valuation to improve the property to get a better price.
A mortgage down valuation is where similar properties have sold recently for a lower value so the lender will take that into consideration when pricing the property.