Valuation schemes.

With exception to remortgages, when you apply for a mortgage, we'll ask you to choose from three levels of inspection and report. Unless we tell you otherwise you will have to pay the cost of this.

In Scotland the seller of a property has to get a Home Report, which contains a property valuation. We may accept the valuation if the surveyor is on our panel of valuers.

Please see the table below for details about the different types of valuation you can choose.

Mortgage Valuation

(Level 1)

Survey and Valuation

(Level 2)

Building Survey

(Level 3)
What it is

A basic property valuation for the Bank. This helps us make a decision on whether we will lend you the money to buy the property.

It is used for lending purposes only, so if you require a more detailed inspection, you may wish to consider a level 2 or level 3 valuation and report.

Arranged as a contract between you and the surveyor. This is a survey for you, detailing the essential things you need to know about the property.

A valuation is provided that helps us make a decision on whether we will lend you the money to buy the property.
Arranged as a contract between you and the surveyor. This is the most detailed survey we offer, which you can tailor to your needs.

A valuation is provided that helps us make a decision on whether we want to lend you the money to buy the property.
How it’s done We will decide if we want a surveyor to visit and assess the property.

We may decide not to instruct a surveyor to visit the property and instead use a combination of historical and market data to compare your property to others in the local area.
A surveyor will visit to assess the inside and outside of the property.

Before this happens, the surveyor will send you the terms of their agreement for you to accept.
We will choose a surveyor who will contact you and discuss the type of report you want.

You will get a copy of the agreement between you and the surveyor before the visit takes place.
What you get If a surveyor has visited the property you will get a copy of the report. It will give very limited information about the property.

If a surveyor has not visited the property, there will be no report to provide. Instead we will tell you if our assessment of the value means we will not lend you the loan amount requested.
The survey gives you guidance on the essential things you may need to know about the property, such as defects and problems that are serious or that may significantly affect the value. A customised report based on the agreement between you and the surveyor.
What it means for you

Defects that could affect your decision to buy may not be identified by the assessment.

If we have not made a visit to the property, you will not receive a valuation report or any assessment of the property.

It does not give a full structural assessment.

Whilst it may give details of issues with the property, it may not go into the level of detail you require.

You will not get a copy of the basic valuation report provided to us.
As this is a customised report you get to choose what is included within the report.

You will not get a copy of the basic valuation report provided to us.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The table below illustrates the current fees we will charge for a level 1 valuation report or a level 2 survey and valuation. As the level 3 building survey can be tailored to fit your needs, which will impact the work the surveyor will carry out for you, we can't confirm how much this will cost in advance. Once you have discussed your requirements with the surveyor, they will provide a quotation.

Please note that as a building survey doesn't provide a valuation of the property, you will need to take into account the extra cost of a level 1 mortgage valuation.

Purchase price no more thanLevel 1
Mortgage valuation
Level 2
Survey and valuation
£50,000 £200
£100,000 £200 £365
£150,000 £200 £395
£200,000 £200 £445
£300,000 £200 £565
£400,000 £200 £695
£500,000 £200 £840
£600,000 £200 £980
£700,000 £200 £1,125
£800,000 £200 £1,265
£900,000 £200 £1,410
£1,000,000 £200 £1,550
£1,200,000 £200 £1,750
£1,400,000 £200 £1,955
£1,600,000 £200 £2,155
£1,800,000 £200 £2,360
£2,000,000 £200 £2,560
Over £2,000,000 £200 Fee on application

 

The fee includes VAT (if applicable).

If the purchase price is discounted then the valuation fee will be based on the valuation figure. Prices correct at January 2018.

Revaluation Fee for Additional Borrowing

Estimated Value up to and includingValuation Fee including VAT if applicable.
£150,000 £108
£200,000 £128
£300,000 £165
£400,000 £200
£500,000 £233
£600,000 £260
£700,000 £290
£800,000 £318
£900,000 £345
£1,000,000 £373
£1,200,000 £430
£1,400,000 £485
£1,600,000 £543
£1,800,000 £598
£2,000,000 £655
Over £2,000,000 Fee on application

Your home may be repossessed if you do not keep up repayments on your mortgage.