Depending on the changes you are making to your mortgage, it may be necessary for us to arrange for a valuation on your property
The valuation provides us as the lender, with the security that the property is worth enough to cover the value of the mortgage loan.
When is a valuation needed?
Borrowing more on your residential mortgage
If you are applying for some additional lending on top of your existing mortgage, we may need to obtain a new valuation (or 'revaluation') of your property. This is to ensure the value of the property provides adequate security for the additional amount you are borrowing.
Changing to a new mortgage deal
Our existing customer deals take into account your mortgage balance compared to the value of your property - this is known as Loan to Value. We use an estimated valuation of your property based on the Home Price Index (HPI) which is calculated every three months.
If you believe that our valuation is inaccurate you can request a revaluation of your property. If a re-valuation is required, a non-refundable fee £70 is payable. This fee is payable upfront on request of a re-valuation. This can be paid by credit/debit card over the phone.
Adding or removing someone from your mortgage (a 'Transfer of Equity')
Whenever there is a change to those named on your mortgage, a revaluation of your property may be required. There is a non-refundable fee for this of £70.
For portability applications (transferring your residential mortgage deal to a new residential property) we will always carry out a valuation of the new property, regardless of whether or not you are applying for a 'top-up' product. A non-refundable standard valuation fee is payable for this, and this will automatically be added to your mortgage account - you should refer to our Tariff of Mortgage Charges Factsheet to look up these fees.
You can send a cheque for valuation fee at the time the valuation is instructed to avoid being charged interest on the fee (interest will be charged daily otherwise).
Your property may be repossessed if you do not keep up repayments on your mortgage.
If you have a Buy to Let property, then alternatively a receiver may be appointed (except in Scotland) to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.