Valuations

It is important to manage your client’s expectations regarding the valuation of their property. In the current housing market property prices are falling in many areas of the country. This is likely to affect the value of property when your clients apply for a mortgage, and potentially your client’s choice of mortgage product.

We obtain a mortgage valuation for all house purchase and remortgage applications. As such the mortgage valuation will not necessarily be the same figure as the price which someone might be prepared to pay for the property.

This could result in your client’s property being valued at less than you told us and may also mean that your client no longer qualifies for a product with a specific LTV. In the event of this happening your client may be able to switch to another product with a higher LTV, or it may mean that we are unable to offer your client a mortgage.

If we are unable to offer a mortgage after the mortgage valuation, any valuation fees will not be refunded, so it is essential you are as accurate as possible when providing us with an estimated value of your client’s property.

There are various websites that provide estimates of current property valuations and house prices and we would encourage you to look at these prior to telling us your client’s valuation of the property. This will help to ensure the figure that you provide to us is as accurate as possible and increase the chance that the product that you select on application is the one that you will be able to proceed with following the application.