Lenders will look into the property being offered as security when deciding whether to offer a mortgage and on what terms. As part of the process they will commission an independent valuation to assess the property. This can be carried out in person, via a ?desktop? valuation or even by an automated system. The valuer will consider a wide range of factors that could influence the attractiveness and saleability of a property and look at similar properties that have been sold nearby to help establish a value. 

A property valuation is for the lender's use and should be distinguished from any valuation or survey commissioned by the customer. UK Finance encourages its members to provide clear information to their customers about the valuation including what has been commissioned, who is paying for it, and what other options are available to them. 

To save time and cost, some lenders offer their customers the opportunity to use the same valuer for their survey that the lender is using for their valuation. The type of product offered in this case is often less comprehensive than a full building survey. However, it gives the customer a concise report on the general condition of the property, such as significant defects, repairs needed and any factors likely to affect its value. 

More information about the survey options is available on the Money Advice Service website. 

Scotland has a different home-buying process than the rest of the UK, which means that the valuation operates differently. The Money Advice Service provides an explanation of the process here.

Lenders will look into the property being offered as security when deciding whether to offer a mortgage and on what terms. As part of the process they will commission an independent valuation to assess the property. This can be carried out in person, via a ?desktop? valuation or even by an automated system. The valuer will consider a wide range of factors that could influence the attractiveness and saleability of a property and look at similar properties that have been sold nearby to help establish a value. 

A property valuation is for the lender's use and should be distinguished from any valuation or survey commissioned by the customer. UK Finance encourages its members to provide clear information to their customers about the valuation including what has been commissioned, who is paying for it, and what other options are available to them. 

To save time and cost, some lenders offer their customers the opportunity to use the same valuer for their survey that the lender is using for their valuation. The type of product offered in this case is often less comprehensive than a full building survey. However, it gives the customer a concise report on the general condition of the property, such as significant defects, repairs needed and any factors likely to affect its value. 

More information about the survey options is available on the Money Advice Service website. 

Scotland has a different home-buying process than the rest of the UK, which means that the valuation operates differently. The Money Advice Service provides an explanation of the process here.

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