Mortgage Surveys
When buying a new home, your mortgage lender will carry out a basic mortgage valuation. For your peace of mind, you might wish to organise a more detailed house survey. Get a quote for a full homebuyer’s report today from The Mortgage Pod’s approved partners.
The Mortgage Pod Surveys
At The Mortgage Pod, we partner with approved surveying experts to provide you with reliable and thorough house surveys. We can arrange everything for you and take care of the admin, making it as easy as possible for you. It’s just one more thing we do to help make your home-buying journey smoother and stress-free. Click here to get a RICS survey quote online today.
What is a RICS survey?
A RICS survey evaluates the property you’re planning to buy. Your mortgage lender will insist upon at least a basic survey to confirm the property’s condition and highlight any potential issues and requirements for ongoing maintenance. Basically, the lender wants to ensure the property is a secure investment for their money.
If your intended property is older or less conventional, you may choose to organise a more detailed independent survey. This helps uncover any hidden problems, giving you peace of mind and potentially saving you from expensive repairs down the line.
How long after a survey do you get a mortgage offer?
The exact time it takes for the lender to arrange, complete and review the mortgage valuation report and then issue a mortgage offer varies. You can expect it to take around two weeks on average.
What types of home surveys are there?
Lender's basic mortgage valuation
This is a basic report into the condition and value of the property, often a desk-based or drive-by evaluation solely for the lender's benefit. It's suitable for conventional properties in good condition. A lot of the time, the lender covers the cost, and the borrower may not even see the report. Of course, this doesn't offer the buyer much peace of mind about the condition of the property, which is why it might be a good idea to order a more detailed report.
Aside from the basic mortgage valuation, you can choose to carry out an independent home survey. The Royal Institution of Chartered Surveyors (RICS) sets the standards for home surveys. Depending on the condition and complexity of the property, there are different levels of RICS home survey.
RICS Home Survey – Level 2
Previously known as a homebuyer report, this mid-level survey is more comprehensive than a basic property valuation. It includes a detailed inspection of the property's condition and highlights any potential issues and how to fix them.
RICS Home Survey & Valuation – Level 2
A level 2 house survey report can also include a mortgage valuation survey. The surveyor will provide the estimated 'market value' of the property for mortgage and insurance purposes.
RICS Home Survey – Level 3
Also known as a full structural survey or full building survey, this is an even more detailed inspection (not to be confused with a Structural Engineer's Report). A chartered surveyor performs an in-depth analysis of the property’s condition, which is ideal for older, complex homes, such as listed properties or cottages with thatched roofs. It's also better for homes that are run down and need substantial renovation.
Can you get a mortgage offer without a survey?
Mortgage lenders always require a basic Level 1 valuation, even if it is carried out remotely. This is normally enough for your mortgage lender to make a mortgage offer. However, in some circumstances, the lender may request further investigations.
As the buyer, you can choose to upgrade the survey for your own peace of mind.
What do mortgage lenders look for in property surveys?
Mortgage lenders typically carry out a property survey to find out if the property is in reasonable condition or if it has any structural problems. This is to ensure the property is a safe investment for their money. They will also conduct a mortgage valuation survey to ensure the property’s market valuation aligns with the mortgage loan amount intended to be secured against it.
When is the best time to get a RICS survey?
Mortgage lenders always require a basic Level 1 valuation, even if it is carried out remotely. This is normally enough for your mortgage lender to make a mortgage offer. However, in some circumstances, the lender may request further investigations.
As the buyer, you can choose to upgrade the survey for your own peace of mind.
Get a live RICS survey quote today
At The Mortgage Pod, we offer an easy-to-use online system to get an instant mortgage valuation. We work with approved surveyors managed by the first-class team at The Moving Portal. Click here to get started. If you’re not quite ready for a valuation survey and need mortgage advice, talk to a friendly mortgage broker at The Mortgage Pod. We can advise you on the type of mortgage that best suits your circumstances and find you a competitive deal from the whole market of lenders.
Frequently asked questions about mortgage surveys
Is a mortgage valuation the same as a house survey?
No, a mortgage valuation is a Level 1 survey for the lender's benefit. Level 2 or Level 3 home surveys are more in-depth and organised for the borrower’s benefit.
How much are home surveys?
Home survey costs vary depending on the detail of the inspection, from a remote mortgage valuation to a full building survey. Check out our live quoting tool for an accurate quote from our approved partners.
