Carrying Out Mortgage Valuations
For many people, a mortgage will be the most important contract of their life, as well as being a long-term commitment. Most people who take out a mortgage will be able to eventually pay it back along with the interest, ensuring that the lender takes no risk. However, as with all other financial commitments, there is always a risk that a customer won’t pay back the mortgage and may default on it. There is also an inherent risk that the lender may not pay the right amount of money, either too much or too little, in concerns to the actual property itself. As a trusted building surveyor in Reading, Slough and Maidenhead, we can also lend our services towards a mortgage valuation.
When it comes to actually discerning how much to lend, an accurate valuation of the property is required. A mortgage valuation is quite brief and not intended to be a full and comprehensive survey of the property. It is mostly done for the benefit of the lender, to give them a viewpoint into how much they should consider lending. It does not provide any significant insight into the actual condition of the property, nor does it provide any truly significant information that may be considered useful to the buyer themselves. It does, however, note down any key areas of degradation where repairs may be required, something which will naturally devalue the property.
Surveys are carried out by trusted independent parties who are generally members of the Royal Institute of Chartered Surveyors, such as our team. We utilise various systems and websites to give us an accurate valuation of a house and how much a lender should be willing to lend to a potential buyer.
The reports that we provide may be brief, but they are valuable to lenders, especially those selling properties that they see as high risk. They are not structural or full building surveys, but are rather surveys done for the benefit of the lender. If you are a lender and need an independent building surveyor in Reading or surrounding areas to carry out an impartial and accurate mortgage valuation, then our team are here for you.
