Last updated: August 7, 2026<\/p>\n\n
When\u00a0you’re\u00a0applying for a mortgage<\/a>, your lender will usually want to assess the property before they approve your loan. This is known as a mortgage lender’s valuation.\u00a0A lender\u2019s valuation\u00a0survey\u00a0might also be\u00a0carried out\u00a0when\u00a0you\u2019re\u00a0remortgaging<\/a>.\u00a0<\/p>\n\n\n\n If you’re buying a home for the first time, it’s easy to confuse this with a survey, an estate agent valuation, or an online property valuation tool. While they’re all linked to a property’s value, they serve very different purposes. <\/p>\n\n\n\n Understanding the difference can help you avoid unexpected costs and make sure you have the right information before committing to a purchase. <\/p>\n\n\n\n A mortgage lender’s valuation is a check carried out on behalf of your mortgage provider to confirm whether the property is suitable security for the mortgage they’re considering offering. <\/p>\n\n\n\n The lender is effectively using the property as security for the money they’re lending. Before approving your mortgage, they’ll want reassurance that the property is worth approximately what you’re paying for it and that it meets their lending criteria. Although you’ll own the property, your lender is providing the money to buy it, so they also have a financial interest in its value. Just as you’d want to check the property’s condition before buying it, the lender essentially wants to do the same. The valuation is usually conducted by a qualified surveyor instructed by the lender. <\/p>\n\n\n\n In some cases, you might find that a lender\u2019s valuation happens without anyone physically visiting the property. This is often called a desktop valuation, or a remote valuation. This usually happens when the valuation is straightforward, and there\u2019s plenty of recent sold house price data for the lender to consult. Or if the buyer has a large deposit (meaning the risk of lending against the property is lower). <\/p>\n\n\n\n They’ll assess factors such as: <\/p>\n\n\n\n The valuation isn’t designed to help you understand the condition of the home. Its primary purpose is to protect the lender. <\/p>\n\n\n\n A mortgage is secured against the property you’re buying. If a borrower stops making repayments for whatever reason, and the property needs to be sold, the lender wants confidence that it could recover the money it’s lent. <\/p>\n\n\n\n That’s why lenders carry out a valuation before issuing a formal mortgage offer. <\/p>\n\n\n\n The valuation helps them answer two key questions: <\/p>\n\n\n\n If the answer to either question is no, it could affect the mortgage application. <\/p>\n\n\n\n During a mortgage survey, lenders will be looking for signs that the property\u2019s worth what you\u2019ve offered to pay for it. But it\u2019s important to note that this won\u2019t be a full condition report by the lender that you might get from a RICS Homebuyers Survey. So as well as the overall condition of the property, at an in-person valuation they\u2019ll be looking at: <\/p>\n\n\n\n This will be in addition to things like the property\u2019s location, size, and layout, as well as looking at what other properties in the area have sold for. If it\u2019s a leasehold property, they\u2019ll also check the length remaining on the lease. <\/p>\n\n\n\n The exact process can vary depending on the lender and the property. In some cases, a surveyor will visit the property in person. <\/p>\n\n\n\n In others, the lender may use a desktop valuation, also sometimes called a remote valuation, where the surveyor reviews market data and comparable properties without physically visiting the home. <\/p>\n\n\n\n The surveyor then reports back to the lender with their assessment. <\/p>\n\n\n\n The buyer may receive little or no information from the valuation itself, and simply get confirmation that it\u2019s passed and the mortgage amount has been approved. <\/p>\n\n\n\n After you submit your mortgage application, the lender will usually arrange the valuation. <\/p>\n\n\n\n Valuation timescales vary, but they are often completed within a few days to a couple of weeks. <\/p>\n\n\n\n The overall mortgage timeline will depend on factors such as: <\/p>\n\n\n\n If the valuation raises concerns, further checks may be required before the mortgage application can progress. <\/p>\n\n\n\n This is known as a down valuation. For example, if you’ve agreed to pay \u00a3300,000 for a property but the lender believes it’s only worth \u00a3280,000, they may base their mortgage offer on the lower figure. <\/p>\n\n\n\n This can create a gap that you’ll need to bridge yourself, renegotiate with the seller, or potentially reconsider the purchase. <\/p>\n\n\n\n While down valuations don’t happen on every transaction, they can occur during periods when property prices are changing quickly or where there are limited comparable sales. <\/p>\n\n\n\n Yes. As well as assessing value, the lender is assessing risk. <\/p>\n\n\n\n Certain characteristics may make some properties harder to mortgage, including: <\/p>\n\n\n\n Each lender has its own lending criteria, so a property that one lender declines may be acceptable to another.\u00a0Find out what you can do if a lender declines a mortgage on your property<\/a>. <\/p>\n\n\n\n This is one of the most common areas of confusion for buyers. A lender’s valuation focuses on the lender’s risk. A Homebuyers survey focuses on helping a buyer understand the condition of the property. This second type of survey is optional, and something you\u2019d cover the cost of yourself. <\/p>\n\n\n\n A survey can highlight issues such as: <\/p>\n\n\n\n These reports can help you make an informed decision about whether to proceed with the purchase or negotiate on price. <\/p>\n\n\n\n Many buyers choose to arrange a separate survey even if the lender has already carried out a valuation. <\/p>\n\n\n\n There are several levels of survey available. A survey\u202fis a professional, non-intrusive inspection of a property, carried out by a surveyor,\u202fto check its condition.\u202f There are\u202fdifferent types:\u202f <\/p>\n\n\n\n Finding issues early can help you cost future repairs into your\u202fbudget.\u202f <\/p>\n\n\n\n An estate agent valuation is typically carried out when someone wants to sell a property. <\/p>\n\n\n\n The aim is to estimate what the home could achieve on the open market and help determine an asking price. <\/p>\n\n\n\n A lender’s valuation has a different purpose. Rather than helping a seller market a property, it’s designed to help a lender assess whether they’re comfortable lending against it. <\/p>\n\n\n\n The figures produced may be similar, but the objectives are completely different. <\/p>\n\n\n\n Online valuation tools estimate a property’s value using available market data and comparable sales. <\/p>\n\n\n\n They can be useful for getting an idea of what a property may be worth, whether you’re researching an area, considering a move, or simply curious about your home’s value. <\/p>\n\n\n\n However, an online valuation is not a substitute for a lender’s valuation. <\/p>\n\n\n\n A mortgage lender will make its own assessment as part of the mortgage application process and won’t rely solely on a homeowner’s online estimate. <\/p>\n\n\n\n Remember you can get an instant valuation at any time, which will give you a quick estimate of your home\u2019s value. This is only an estimate and is not a mortgage valuation or a substitute for professional advice. <\/p>\n\n\n\n What is a mortgage lender’s valuation? <\/h2>\n\n\n\n
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Why do mortgage lenders carry out valuations? <\/h2>\n\n\n\n
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What do lenders look for in a mortgage valuation survey? <\/h2>\n\n\n\n
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What happens during a lender’s valuation? <\/h2>\n\n\n\n
How long does a mortgage lender’s valuation take? <\/h2>\n\n\n\n
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What if the lender values the property lower than the purchase price? <\/h2>\n\n\n\n
Can a mortgage lender refuse to lend after a valuation? <\/h2>\n\n\n\n
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What’s the difference between a lender’s valuation and a home survey? <\/h2>\n\n\n\n
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What home surveys can buyers choose from? <\/h2>\n\n\n\n
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How is a lender’s valuation different from an estate agent valuation? <\/h2>\n\n\n\n
How is a lender’s valuation different from an online valuation? <\/h2>\n\n\n\n
\n Check what your home’s worth<\/span> <\/h2>\n \n