To survey, or not to survey

Mortgage valuations and independent surveys - What’s the difference, and do you need both?

Once your mortgage application is submitted, your lender will arrange amortgage valuationto check the property’s value. However, this isn’t a full inspection of the property’s condition, so many buyers choose to get anindependent surveyas well.

Understanding the difference between the two and deciding what’s right for you couldsave you thousandsin unexpected costs later.

What is a mortgage valuation?

Amortgage valuationis abasic checkcarried out by your lender to confirm that the property is worth what you’re paying.

✔Purpose:To protect the lender - not the buyer.

✔What it checks:Market value, location, and any major structural concerns.

✔Who arranges it?Your mortgage lender.

✔Cost:Usually between£0 and £1,500, depending on the lender.

✔Outcome:The lender eitherapproves, reduces, or rejectsthe mortgage based on valuation.

💡 Important: A mortgage valuation is not a structural survey - it won’t flag potential repairs or hidden issues.

What is an independent survey?

Unlike a mortgage valuation, anindependent surveyis for your benefit. It provides a detailed report on the property’s condition, helping you avoid unexpected repair costs.

💡 Important: If the seller of the property you are buying is using Open Moove, they may well have had a survey carried out on your behalf, on our request!

Types of surveys available:

🏡RICS Home Survey Level 1 (Condition Report)

✔ Basic report, best for new-build homes.

✔ Identifies urgent defects but doesn’t include advice on repairs.

✔ Cost: £300-£500.

🏡RICS Home Survey Level 2 (Homebuyer Report)

✔ Suitable for standard properties in reasonable condition.

✔ Highlights major defects and potential issues but no in-depth structural analysis.

✔ Cost: £400-£800.

🏡RICS Home Survey Level 3 (Building Survey)

✔ Best for older, unusual, or run-down properties.

✔ Provides detailed analysis of the structure, repairs needed, and future costs.

✔ Cost: £600-£1,500.

💡 Tip: If you’re buying a new-build, a survey is less crucial. If you’re buying an older or period home, a full building survey could save you thousands in repairs.

Do you need both?

✔ If you’re buying a new-build or modern home, common sense tells us that a mortgage valuation may be enough.

✔ If you’re buying a standard house in good condition, a Homebuyer Report (Level 2) is a good middle ground.

✔ If you’re buying an older, unique, or fixer-upper property, a full Building Survey (Level 3) is strongly recommended.

💡 Fact: Many buyers only get a mortgage valuation and later regret not investing in a survey when they discover expensive issues after moving in.

What Open Moove suggests next

• Check if your lender offers a free mortgage valuation - some do as part of the mortgage deal.

• Decide if a survey is worth the cost - it could save you money on future repairs.

• Choose the right survey level based on the property’s age and condition.

• Download the Open Moove app to stay on top of your purchase and avoid common mistakes.