Before buying, you need to be sure that your future home is structurally sound, and that your repairs budget will suffice in the event of defects being discovered. Both mortgage valuations and building surveys address the state of the property you are buying. Here we explain how they differ.

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Valuation v building survey

A mortgage valuation is a cursory check designed to satisfy your lender that the property you’re buying is worth the price you are paying for it prior to approving your mortgage (some lenders even carry out a remote ‘desktop’ assessment). It’s not for your benefit, and won’t highlight structural issues like dry rot or damp.

By contrast, a survey is a full-length property health-check that will explain your building’s physical condition and flag up any potential problems. While one in five buyers relies on a valuation alone, it is worth investing in a detailed building …