The Costs Involved

Before we can lend you money to buy your home, we need expert guidance on what the property is worth as security for us. To get that information we may instruct a valuer to visit the property and produce a written report. Alternatively, the value of the property may be assessed by using other valuation methods such as asking a valuer to carry out a quick check of the outside of the property (this is sometimes referred to as a 'drive-by' valuation). We may also assess the value of the property by comparing the details with those of other comparable properties in the vicinity using a specialist database.

All of these options have an associated cost and you will be asked to pay this cost before your mortgage completes, unless you have chosen one of our fee-assist mortgages to help with this cost.

If we need to instruct a valuer to visit the property, the cost of such a mortgage valuation will be worked out using a sliding scale - see the table below. This table also shows the cost of the more detailed Home Buyer Report. The cost of a full Building Survey (which is also known as a structural survey) would be set by the surveyor who undertakes it for you, should you decide to commission one.

View a table showing all our valuation fees

The mortgage valuation

The mortgage valuation is solely for our purposes so that we can be satisfied that the property provides sufficient security for us to lend.

Where the valuer has carried out a full internal inspection (but not where a drive-by or database valuation has been obtained), we will normally provide you with a copy of the valuer's report. If, however, you are taking advantage of one of our fee assist mortgages and we are refunding or paying the cost of the valuation, you may not receive a copy of the valuation report.

If you do receive a copy of the valuation report, please remember it is NOT A SURVEY and does not give any indication as to whether the property is worth what you are paying for it, nor does it provide a list of any repairs that may be needed.

In certain circumstances, as an alternative to a physical inspection of the whole of the property, we may, at our discretion, carry out a "Property Assessment". This may be based on database information, an external appraisal of the property by a valuer, or a combination of both. If we carry out a Property Assessment, a fee of £84 is payable by you. Applicants will not receive a copy of a Property Assessment Report.

We would strongly recommend that you obtain a more detailed inspection of the property. There are two types available, a Home Buyer Report and a Buildings Survey.

Home Buyer Report

We can arrange to carry out the Home Buyer Report for you at the same time as the mortgage valuation. Presented in a standard format, it is designed to focus on defects and problems which are considered urgent or significant. A Home Buyer Report is suitable for properties which are of standard type and construction and appear to be in reasonable condition.

If you have already obtained a HomeBuyer Report before applying to us for a mortgage, we may allow the same surveyor to prepare a mortgage valuation based on the results of the survey (a transcript). The same surveyor must be a member of the Society’s approved panel. The Society will no longer accept a transcript of a Homebuyers Report that has been carried out by a non panel valuer. If we agree to allow your valuer to prepare a mortgage valuation report for us, and they agree to do so, there will be a fee of £55. This includes payment to the valuer for the report and VAT.

Building Survey

This type of survey is suitable for all types of residential properties and, in particular, for period properties, those with extensive accommodation or those in a particularly poor state of repair although it can be done for any type of residential property. It is tailored to your requirements but will be very detailed, covering all defects whether major or minor. There is no standard or scale fee for a Building Survey but the cost will be significantly higher than for a Home Buyer Report.

Although in most cases, the cost does not include a mortgage valuation, we can arrange for both to be carried out together. You will pay us a Standard Mortgage Valuation fee and pay the valuer the cost of the Building Survey direct. Before the valuer carries out the Building Survey, he will contact you to discuss the scope of the inspection and the cost.

If you have already obtained a Building Survey before applying to us for a mortgage, we may allow the same surveyor to prepare a mortgage valuation based on the results of the survey (a transcript). The same surveyor must be a member of the Society’s approved panel. The Society will no longer accept a transcript of a Building Survey Report that has been carried out by a non panel valuer. If we agree to allow your surveyor to prepare a mortgage valuation report for us, and they agree to do so, there will be a fee of £55.  This includes payment to the valuer for the report, and VAT.

View a table showing our mortgage fees and charges

With some mortgage products, you may have to pay what's known as a product fee, and this is payable when the mortgage funds are released. You can pay the fee when your mortgage funds are released, or it can be collected as part of the monthly mortgage payment following the next annual review of your account.

Where a loan exceeds a certain percentage of the purchase price or valuation (whichever is the lower) there is increased risk to us. To cover against this risk, a Higher Lending Charge (HLC) is payable.

See the Lending Rules for more information about Higher Lending Charge.