When you take out a Lifetime Mortgage or a Retirement Interest Only Mortgage, you'll need to have your property valued by one of our independent valuers
Our mortgage valuations are carried out by an independent valuer who is a qualified and registered member of the Royal Institution of Chartered Surveyors. They will make an independent assessment of the value of your property and check for any problems that may mean it isn’t suitable for us.
We have two ways of carrying out a mortgage valuation:
- a physical valuation, where a valuer will visit your property and carry out an external and internal assessment.
- a desktop valuation, which does not require a valuer to visit your property.
The measures we’ve put in place to keep you safe, mean that we will consider where you live and the personal circumstances of you and anyone living with you. This will include your age, health, whether you are shielding and of course, your personal preference.
Please note that the current restrictions may mean for some customers we will be unable to value the property. If we are unable to value your property, your financial adviser will contact you to discuss your options.
What can you expect from a physical valuation?
Before the valuation takes place, you will be contacted and asked a few questions, based on Government guidelines on COVID-19 restrictions. If the valuer cannot carry out the valuation safely, or you do not want the valuer to visit your property, you may be offered a desktop valuation. Download the PDF below to find out more about the safety measures we've put in place due to Covid-19.
If you proceed with a physical valuation, the valuer will agree a convenient date and time to visit your property. This must be in daylight during normal working hours.
The valuer will need access to your property and your garden. They may also ask to see any garage or outbuilding and may need access to your loft space. The visit will usually take between 20 and 40 minutes to complete.
The valuer will record measurements, and take pictures of your property and may use equipment to test for dampness.
What can you expect from a desktop valuation?
The valuer will not visit your property. They will use publicly available information, including details about your property from the Land Registry, to assess the value of your home. They will use online information to review any previous sales history and that of similar properties in your area.
Because a desktop valuation won’t provide as much information as a valuer visiting your property, we can only use 95% of the desktop valuation when we calculate the amount we can lend to you. As there will not be a physical assessment of your property, during the application process we will ask you to confirm that your property is structurally sound, of a reasonable condition and you are not aware of any issues that may affect the valuation.
After the current social distancing restrictions have been lifted we will be in contact with you to arrange for an independent valuer to visit you to carry out a physical valuation and provide us with a valuation report. This follow up valuation is for our information only and will not change the amount that you have borrowed from us.
Want to find out more?
We're happy to answer any questions you have about valuations, or any other queries about our later life mortgages.
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