UK Mortgages - Surveys & Homebuyers Report

UK Mortgages - Surveying the Property

When the borrower has selected a property and passed the details to the bank, the bank will arrange for a survey to be carried out.

The surveyor will inspect the property, on behalf of the bank, to confirm (or not) that it is suitable security for the proposed loan. The borrower will often have the option of instructing the surveyor to carrry out a more detailled survey for his own use, thereby providing expert advice on the condition and value of the property. His report(s) may conclude one of three things - it is suitable for secrity of the loan, it is suitable subject to certain works being carried out before finalisation of the deal, or it is unsuitable for security.

The banks response, based on the first conclusion would be to issue an offer letter. The banks response, based on the second conclusion would be to issue a conditional offer letter or issue an offer letter with a reduced sum. In the third case, they would decline to offer. In this case, the borrower could try another bank, but more likely find an alternative property.

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