Three Mortgage Valuation Reports Explained - First Time Buyer Secrets

Three Mortgage Valuation Reports Explained - First Time Buyer Secrets. 18. Modeling Mortgage Prepayments and Valuing Mortgages

Three Mortgage Valuation Reports Explained - First Time Buyer Secrets video duration 5 Minute(s) 37 Second(s), published by alexkerrmortgage on 05 07 2019 - 17:06:35.

Are you thinking about buying a home ? - In this video I provide the 3 different mortgage valuations available to every First Time Buyer and home mover and Your mortgage valuation options - Standard Valuation, Home Buyers Report, Full Structural Survey
What happens if there is a problem with the property or the .

Phil McLaughlin, Senior Relationship Manager outlines some of the features of MBA's fantastic No Valuation up to 80% LVR home loan product and why you What Is Equity Valuation?
Part of the series: Home Equity Loans & Foreclosures
Home equity valuation is determined by calculating the difference between a Financial Theory (ECON 251) A mortgage involves making a promise, backing it with collateral, and defining a way to dissolve the promise at prearranged terms .

Are you thinking about buying a home ? - In this video I provide the 3 different mortgage valuations available to every First Time Buyer and home mover and which ones to consider for the relevant property.

**** Show Notes, and Resources ****

Mortgage Surveys
Different Types of Mortgage Surveys

*It is our advice that you should choose a survey based on the condition of the property itself, not the cost of the survey. Money spent on a decent survey can save you a fortune in the future. “Surveys” are also referred to as “Valuations”.

BASIC MORTGAGE SURVEY. (Basic Valuation)

The main survey that you’ll hear mentioned when you’re about to become a homeowner is the all-important mortgage valuation. The true purpose of a mortgage valuation is to satisfy your potential lender that the property you want to buy is worth the amount you’re prepared to splash out. The lender will appoint someone to take a cursory look at the property to assess its value – but don’t mistake it for a comprehensive picture of the home’s condition.

A mortgage valuation won’t point out the finer detail about structural problems or maintenance work the property needs, although the surveyor might make a note about any major works that affect the value of the building. Typically, the cost of a mortgage valuation is based on the size of the property and can be anything from £299 – to over £1,500.

The sole aim of the mortgage valuation is to satisfy the lender that your desired property is worth the price you’re paying – or at least the amount it’s lending, before they approve your mortgage.

A valuation is just that – it won’t point out repairs or structural problems that you will have to pay to fix.

Generally, you will pay for the lender’s survey. The cost is based on the value and size of the property and is typically £299 to £1,500.

HOME BUYERS SURVEY. (Homebuyers Report)

When you’re buying a new house, it’s easy to overlook hidden problems such as structural defects, shabby brickwork or a broken down boiler.

It can be carried out at the same time as the Basic Mortgage Valuation, usually costing in the range of an extra £200 – £400.

A HomeBuyer Report is a survey suitable for conventional properties in reasonable condition. Costs start at £499 on average.

This will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.

But the HomeBuyer Report doesn’t look beyond the floorboards or behind the walls.

Some home-buyers’ reports include a basic mortgage valuation.

For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, it’s reasonable to offer £5,000 less than the asking price.

FULL STRUCTURAL BUILDING SURVEY. (Full Survey)

A comprehensive Building Survey is the ideal choice for the discerning home buyer, providing a fully detailed report about the condition of the property and the land that it sits on. This type of survey is especially useful for older buildings, larger houses and non-traditional properties – or if you are planning taking out any major renovation work yourself after completion.

Although a Building Survey typically costs around £1,000 (depending on property size of course), the surveyor will give you a complete breakdown of the condition and fabric of the property, with repair diagnosis and expert maintenance advice. It may sound expensive, but remember, repairs can costs thousands upon thousands to put right, so a Building Survey may save you a small fortune in the long run.

It’s particularly good for older homes or homes that might need repairs. This type of survey typically costs upwards of £699 and provides detailed advice on repairs.

It’s very extensive and in some circumstances worth the extra money but it does not usually include a valuation. Although this survey can’t look under floorboards or behind walls it should include the surveyor’s opinion on the potential for hidden defects in this area.

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**** About This Video **** In this video Alex Kerr from Mortgage Chain, who specialises in mortgages for first time buyers and business owners discusses the 3 different mortgage valuations open to your purchase and when to consider each one.

email: alex@mortgagechain.co.uk Book:

Book 10 minute mortgage chat with Alex: https://outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings

Contact: 03333 44 68 69

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⚡QUESTION OF THE DAY: Are you wondering which survey to choose for your purchase ? Let me know! 👇👇👇

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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