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Valuation schemes
A mortgage valuation helps us make a decision on your application. With exception to remortgages and additional borrowing, when you apply for a mortgage, we'll ask you to choose from two levels of inspection and report. Unless we tell you otherwise, you'll have to pay the cost of this. Once the valuation has taken place the fee for this is non-refundable. In Scotland the seller of a property has to get a Home Report, which contains a property valuation. We may accept the valuation if the surveyor is RICS accredited.
To help with your decision to buy, it is important that you understand the property’s condition and any issues that may affect its value. If you want a more detailed report than the level 1 or level 2 valuation that we offer, you may wish to consider a full building survey. You'll need to make your own arrangements to get one. To do this you can use, a RICS accredited surveyor, they can be found at www.ricsfirms.com.
A building survey will give you a customised report based on the agreement between you and the surveyor. We'll still need to complete a mortgage valuation, which you'll need to pay for. We need this to help us make a decision on whether we'll lend you the money to buy the property.
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The table below illustrates the current fees we will charge for a level 1 valuation report or a level 2 survey and valuation.
Purchase price no more than
Level 1
Mortgage valuationLevel 2
Survey and valuationPurchase price no more than
£50,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£365
Purchase price no more than
£100,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£365
Purchase price no more than
£150,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£395
Purchase price no more than
£200,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£445
Purchase price no more than
£300,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£565
Purchase price no more than
£400,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£695
Purchase price no more than
£500,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£840
Purchase price no more than
£600,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£980
Purchase price no more than
£700,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,125
Purchase price no more than
£800,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,265
Purchase price no more than
£900,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,410
Purchase price no more than
£1,000,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,550
Purchase price no more than
£1,200,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,750
Purchase price no more than
£1,400,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£1,955
Purchase price no more than
£1,600,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£2,155
Purchase price no more than
£1,800,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£2,360
Purchase price no more than
£2,000,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
£2,560
Purchase price no more than
Over £2,000,000
Level 1Mortgage valuation
£100
Level 2Survey and valuation
Fee on application
The fee includes VAT (if applicable).
The valuation fee will be based on the valuation figure, not on the amount you are paying for the property, even if it is for a discounted price. Prices correct at January 2018.
Revaluation Fee for Additional Borrowing
Estimated Value up to and including
Valuation Fee including VAT if applicable.
Estimated Value up to and including
£150,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£200,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£300,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£400,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£500,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£600,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£700,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£800,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£900,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£1,000,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£1,200,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£1,400,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£1,600,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£1,800,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
£2,000,000
Valuation Fee including VAT if applicable.
£100
Estimated Value up to and including
Over £2,000,000
Valuation Fee including VAT if applicable.
£100
Please see the table below for details about the different types of valuation you can choose.
|
Valuation Schemes |
Mortgage Valuation (Level 1) |
Survey and Valuation (Level 2) |
Building Survey |
|---|---|---|---|
|
Valuation Schemes What it is |
Mortgage Valuation(Level 1) A basic property valuation for the Bank that is purely to help us make a decision on whether we'll lend you the money to buy the property. This may not be a physical inspection of the property or produce a report. It is limited and property defects may not be identified. It is used for lending purposes only, so if you require a more detailed inspection, you may wish to consider a level 2 valuation or arranging for your own building survey. |
Survey and Valuation(Level 2) This is a survey for you, detailing the essential things you need to know about the property (it is a contract between you and the surveyor). A valuation is also provided that helps us make a decision on whether we'll lend you the money to buy the property. |
Building Survey This is the most detailed type of survey available and you can tailor it to meet your needs. We can't arrange this type of survey for you and can't recommend a surveyor, but can provide details to help you find an RICS accredited surveyor. We'll still need to arrange a separate Mortgage Valuation for lending purposes and you'll need to pay the fee for this if applicable. |
|
Valuation Schemes How it's done |
Mortgage Valuation(Level 1) We'll decide if we want a surveyor to visit and assess the property, or we may use a combination of historical and market data to compare your property to others in the local area. |
Survey and Valuation(Level 2) A surveyor will visit to assess the inside and outside of the property. Before this happens, the surveyor will send you the terms of their agreement for you to accept. |
Building Survey You'll need to arrange this type of survey yourself. Usually, once instructed, you'll discuss matters with your surveyor to agree what will be covered by the report and any concerns you may have about the property. An internal and/or external inspection of the property will follow, based on your requirements. |
|
Valuation Schemes What you get |
Mortgage Valuation(Level 1) If a surveyor has visited the property you'll get a copy of the report. It will give very limited information about the property. If a surveyor has not visited the property, there will be no report to provide. Instead we'll tell you if our assessment of the value means we'll not lend you the loan amount requested. |
Survey and Valuation(Level 2) The survey gives you guidance on the essential things you may need to know about the property, such as defects and problems that are serious or that may significantly affect the value. |
Building Survey A customised report based on the agreement between you and the surveyor. |
|
Valuation Schemes What it means for you |
Mortgage Valuation(Level 1) Defects that could affect your decision to buy may not be identified, and it should not be relied on for your buying decision. |
Survey and Valuation(Level 2) It does not give a full structural assessment. Whilst it may give details of issues with the property, it may not go into the level of detail you require. You'll not get a copy of the basic valuation report provided to us. |
Building Survey As this is a customised report you get to choose what is included within the report. We'll still need to arrange a separate Mortgage Valuation for lending purposes and you will need to pay the fee for this, if applicable. |