Mortgage valuation is ok, so do I need a HomeBuyer Report?

In a word, yes. The mortgage Valuer will spend up to 30 mins looking at your property, often less. From this, the floor area is calculated and they will decide whether the agreed purchase price falls within a reasonable tolerance of where they think it should be.

A HomeBuyer Report includes a valuation and a detailed condition summary of the property ranging from the chimney stack to where meters are and stop taps etc.

The valuation is not always the same as the mortgage Valuer, as we are looking at greater detail and sometimes this can lead us to thinking a renegotiation may be required.

So, most importantly, when you get the results of your mortgage valuation, do not tell your seller or the estate agent as it really would be worth waiting to see what your HomeBuyer Report reveals. And if you can't decide whether to have the HomeBuyer Report separately, then think how the surveyor will be thinking. To provide a lower value on the HomeBuyer Report would mean having to reduce the value on the mortgage valuation. And do that, the mortgage may be delayed or it may affect your ability to obtain the mortgage you want. We would suggest to go independent and have someone truly looking after your interests only.