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Read our articles for a wealth of mortgage advice straight from our experts. Wherever you are on the property ladder, we understand that you’ll have plenty of questions about how the mortgage process works and which loan is right for your circumstances right now. For all your questions, big and small, refer to our comprehensive mortgage advice to get the information you’re looking for.

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Posted On: January 20, 2022

Mortgage House Valuation Tips For A Smoother Sale

Mortgage house valuations can be very basic, but there is a possibility that a lender will flag up issues that could result in a potential down-valuation of either the property you’re hoping to sell or buy. In this guide we’re revealing our top mortgage house valuation tips to prepare you for every eventuality.

Take the estate agent’s valuation with a pinch of salt

It’s best to get several estate agent’s opinions. But to get an even better idea of how much your property is worth, you should check out other similar properties in your area and what they’re selling for. Surveyors are under much stricter regulations than estate agents when it comes to valuations, which is why down-valuations can happen.

What if my house is down-valued?

It can be disheartening if the value of your property is down-valued by your buyer’s mortgage provider. It could even result in a sale not going through. Often, a property valuation will be based on the value of other properties in the area, however other factors can be taken into account, particularly if it could significantly impact the property’s value, such as being in a flood-risk area.

It can be equally problematic for buyers. You may be happy to proceed with the purchase, even with the value being a little more than the property is worth. However, if the lender isn’t happy, then you are left with no choice but to cut your losses and look for another property – or another lender.

These valuations and surveys occur after an offer has been made on the property. You could be two months into proceedings and having to back down at this point is not ideal for either party.

The seller could reduce their asking price to match the lender’s valuation or they may choose to find another buyer or take their property off the market.

How do I know if there are any repairs and maintenance that need to be done?

It’s important to note that the mortgage house valuation is not the same as a building survey but they are both important – both can affect the value of a property.
As mentioned above, the mortgage house valuation can be very simple, and the full report will typically never be more than 2-3 pages long – if that. So, if you want a more detailed review of a property you’re hoping to buy, it’s worth investing in a building survey – of which there are several types.
They can be done at the same time as the mortgage valuation. If the building survey flags any issues, you can be in a position to negotiate a reduction in price or that the work is completed before the sale goes ahead.

If you’re selling a property that requires repairs, it’s up to you to decide whether you’d rather shave a little money off the asking price or go ahead with the repair works yourself.

Find a mortgage broker today

Speak to the expert mortgage brokers at Agentis today. We’ve helped plenty of people get onto the property ladder and grow their property investments with our professional mortgage advice. Book your free initial consultation today. We help with a wide range of mortgages and can negotiate with your estate agent and conveyancer for a smoother house-buying process.