Mortgages

Mortgage valuation

To make sure that your new home will provide enough security for the mortgage, we carry out a mortgage valuation. The cost of the valuation depends on the purchase price or valuation of the property – the table below will give you an idea of roughly how much. It's important to bear in mind that this valuation is for the Society's use, and that you don’t need to rely on this report when deciding whether you want to proceed with the purchase.

When we've found that your basic valuation and your references are satisfactory, we'll send you and your solicitor a formal Offer of Advance. This gives details of what we are able to lend you, based on the information we have received.

We strongly recommend that you choose a more detailed survey to allow you to ascertain the condition of the property, as the standard mortgage valuation is only for the Society's use.

More detailed surveys

There are two types of more detailed survey available through Britannia, each carried out by a Chartered Surveyor.

The Homebuyer Survey

An approved valuer can carry this out at the same time that the mortgage valuation is completed. The Homebuyer Survey and Valuation are designed to give you a general picture of the condition of the property, and to tell you if you'll need extra, more specialised reports.

If you choose a Homebuyer Survey and Valuation, the valuer will send you a copy of the standard Terms of Engagement, which details the extent of the survey. It's important that you read and understand the Terms of Engagement. Before the report can be issued, you'll be asked to sign and return a copy to us to confirm that you've fully understood the information. You'll return a copy to the valuer, and it's important to develop a direct contact between yourself and the valuer that doesn't involve the society. It's also important to be aware that this type of survey isn't always appropriate for older properties or properties that are over a certain size or of unusual construction. If you have any questions about this, we’ll be happy to explain in more detail.

The Building Survey

If you really want the most comprehensive type of report, then the Building Survey is the most detailed. It's particularly suited for properties where the Homebuyer Report isn't appropriate, such as period properties, properties of unconventional construction or any property where extensive improvement, alteration or extension have been proposed. On top of this, you can ask the Surveyor to address any specific concerns that you might have about the property, although you should be aware that this may increase the cost of the survey. This type of survey is also the most expensive, and there may be some extra charges for any additional investigations which fall outside the standard terms and conditions for this type of report. Again, a copy of these will be sent to you for approval prior to the completion of the report. If you have any questions about which type of report you would like, we'll be happy to talk through the options with you to help you choose the most appropriate survey.

The table below shows the fees charged for valuation and surveys:

	Purchase Price		Mortgage Valuation Fee		Homebuyer Survey & Valuation Fee		Building Survey & Valuation Fee
	Not exceeding £30,000		£95		£220		£630
	£30,001 - £75,000		£115		£245		£680
	£75,001 - £100,000		£135		£280		£730
	£100,001 - £150,000		£150		£330		£780
	£150,001 - £250,000		£200		£440		£880
	£250,001 - £350,000		£250		£520		£980
	£350,001 - £500,000		£350		£725		£1230

Loans on properties over £500,000 are available by arrangement.