Accurate, reliable mortgage valuations tailored to the needs of mortgage providers and homebuyers alike.
At Centrick, our Valuation and Professional Services division are proud to provide expert mortgage valuations to ensure you receive an accurate assessment of your property’s value, whether you’re a homebuyer or mortgage provider. Our in-house RICS-registered valuers offer a range of services, all tailored to meet the specific needs of mortgage lenders. With cutting-edge technology and extensive industry partnerships, we have a strong background of delivering trusted valuations for a wide range of clients.
When purchasing a property, especially with the help of a mortgage, it’s essential to ensure that the asset is properly valued. A mortgage valuation is a professional, certified assessment conducted to verify the market value of the property in question. This step is crucial because it informs your lender and the underwriter of the property’s worth, and if the property is worth the price you’ve agreed to pay. It’s a key factor that needs to be completed to ensure that the property is a suitable security for the formal mortgage offer.
Mortgage valuations focus solely on the property’s value from a lender’s perspective, but there are a host of criteria which are evaluated during the process. They help flag potential issues, such as whether the value is lower than expected, which will impact your ability to secure the necessary loan amount. If the valuation falls short of the agreed purchase price, the lender might offer you a lower mortgage than expected, or in some cases, reject the application entirely.
It’s important to note that a mortgage valuation is different from a home survey. While a home survey inspects the property for any structural or maintenance issues, a mortgage valuation is strictly concerned with assessing the property’s worth in line with your mortgage offer.
A mortgage valuation is required when you’re applying for a new mortgage, whether it’s for purchasing a property or remortgaging an existing one. Even if you’re confident about the property’s value, a mortgage lender will always request a formal valuation to validate the loan amount.
Sometimes, a second opinion is needed. For example, if you’re remortgaging or if a significant amount of time has passed since your last mortgage valuation, it’s wise to have the property re-assessed to reflect any market changes. Whether it’s your first mortgage or you’re looking to remortgage for better rates, a valuation ensures that you’re working with accurate figures.
Mortgage valuations can be conducted in various ways, depending on the lender’s requirements. These include:
At Centrick, we offer all three options to cater to different client needs. For full valuations, a member of our experienced team will arrange an inspection date and conduct a thorough review of the property. This inspection typically involves accessing all rooms, related grounds, and outbuildings. We may also take photos to incorporate into our final report, ensuring the lender has a comprehensive view of the property’s state.
Damp can significantly impact the value of a home and lead to larger structural issues.
Roots from large trees can cause damage to a property’s foundations, especially if they’re close to the house.
Particularly relevant in light of recent building safety concerns, we assess if external cladding poses a risk.
Any suspicion of structural issues like subsidence will be flagged, as these can devalue a property.
Properties with ambiguous or restrictive lease terms may be harder to finance.
Certain construction types can affect the valuation and lender’s willingness to finance a property.
A lower-than-expected valuation, often referred to as a “downvaluation,” can be more complex to navigate. In a competitive housing market, downvaluations are not uncommon, especially if the agreed purchase price is higher than the value objectively cited by the mortgage valuation. Other reasons for downvaluation might include structural concerns. external risks like cladding or subsidence, as well as contractual changes, lease terms or boundaries.
If this happens, your lender may reduce the mortgage offer, meaning you’ll either need to negotiate a lower price with the seller or find another way to make up the difference, such as increasing your deposit. While a downvaluation can be challenging, it’s ultimately a protective measure for both you and your lender to ensure you’re not overpaying for the property.
If the valuation comes back higher than your offer price, you may have purchased a property below its market value, which can give you immediate equity. This is seen as a positive outcome by lenders, as it indicates that your investment is secure. In many cases, a higher valuation can result in more favourable mortgage terms, such as a lower interest rate or a higher borrowing limit.
At Centrick, we bring an unparalleled level of expertise to mortgage valuations. Our Valuations and Professional Services division extends beyond residential purchases, catering to larger businesses, banks, developers, and housing associations. This broad scope means we can draw on a wealth of knowledge and specialists across our organization, ensuring a thorough, accurate valuation process.
With Centrick, you can be assured that our valuation services come from a team with a host of accreditations from the likes of The Property Ombudsman and RICS. Our RICS-registered valuers who conduct ‘Red Book’ valuations, ensuring that every valuation is compliant with industry-leading standards.
Our client base includes banks, financial institutions, developers, housing associations, charities, property owners, and private individuals. Whether you’re a buyer or a mortgage provider, Centrick provides tailored valuation services to meet your needs.
We invest in advanced technology, such as Valos, a data-driven platform that streamlines the valuation process. By using the most up-to-date information available, Valos allows us to deliver more comprehensive reports efficiently, helping clients and lenders make informed decisions faster.
Centrick is a trusted panel member for Connells, offering services to over 40 lenders, such as HSBC, Handelsbanken, and Greenfield Mortgages. We also provide services to social housing providers through Citizen’s Right to Buy, Right to Acquire, and Leaseholder valuations frameworks.
Contact us today to arrange your mortgage valuation with Kat and the team.
Director, Head of Valuation
Valuation Director
