Our customers rate us Excellent 
based on 696 ratings over the past
year 
What’s the Difference Between a HomeBuyer Report and a Mortgage Valuation
If you are buying a home and the word survey has popped up a few times, you are not alone. One of the most common questions we hear is this. What exactly is the difference between a mortgage valuation and a HomeBuyer Report?
They sound like they might be the same thing, but they are actually very different and they do very different jobs. So let’s clear it up.
What is a mortgage valuation?
A mortgage valuation is something your lender arranges. It is done to check that the property you are buying is worth the amount you are paying for it. It helps the lender decide whether they are happy to offer the loan.
The key thing to know is that this valuation is for the lender’s benefit, not yours. It is not a proper survey and it will not tell you if there are any issues with the property. In fact, in many cases, the surveyor may not even visit the home. Sometimes they just do it based on recent sales in the area and a few photos.
If the valuation comes back lower than the price you have agreed, the lender may reduce the amount they are willing to lend. But if it comes back fine, you are not likely to get much detail beyond that.
What is a HomeBuyer Report?
A HomeBuyer Report is a much more detailed look at the condition of the property. It is carried out by a qualified surveyor and gives you a proper assessment of the home before you commit to the purchase.
This report covers the structure, roof, walls, windows, damp, drainage, and much more. It also highlights anything that needs urgent attention or might cost you money in the future. You will get a traffic light system to show the condition of each part of the property, which makes it easy to understand.
Unlike the mortgage valuation, this one is for your benefit. It gives you the chance to go back to the seller and renegotiate the price if something serious comes up. It also gives you peace of mind that you know exactly what you are buying.
Do I need both?
If you are getting a mortgage, the lender will almost always require a valuation. That part is non negotiable. But the HomeBuyer Report is optional. That said, it is strongly recommended for most modern homes in good condition.
If you are buying an older property or one that has been extended or altered, you might want to go for a full building survey instead. But for many buyers, the HomeBuyer Report is a smart way to avoid costly surprises later on.
Which one protects me?
That one is easy. The HomeBuyer Report is there to protect you. It helps you make an informed decision and spot problems before they become expensive headaches. The mortgage valuation is just a check for the bank.
Buying a home is a big deal. It is not the time to leave things to chance. Knowing what you are getting into before you complete the sale could save you thousands in the long run.
Need help choosing the right survey?
If you are not sure which report is right for your situation, get in touch. We will talk you through the options in plain English and help you make a confident choice. Alternatively, visit one of our preferred surveying partners for more information or book online.
