NatWest mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage. The content on this webpage is guidance only and does not constitute advice.
Once you have applied for a mortgage, we will usually arrange for a mortgage valuation for our purposes so that we know that the property you are purchasing or remortgaging will be enough security for the loan you're applying for.
We will complete a valuation of the property for our lending purposes only. You should satisfy yourself of the property’s value and condition.
The valuation is carried out by a valuer, who would usually visit the property you’re buying or remortgaging and complete a short report.
However, there are some scenarios where the valuer will use online data such as recent sales data, Land Registry details as well as local knowledge to make a valuation without visiting the property. You won't receive a copy of the final report.
Where we charge a fee this is £177 (inclusive of a £75 administration fee) for properties with a value of up to £3m.
We may be able to offer you a free valuation when you move home and take a mortgage with us. The offer is only available on selected mortgages marked with 'Free mortgage valuation'. Exclusions apply. You will not receive a copy of the valuation report. Start an AIP.
The valuer may take around 15-30mins to look around the property and conduct the valuation, looking for any damage that might affect its value.
Once the visit is complete, the valuer will make an evaluation of what the market value of the property is. They’ll look at historical sales of similar property transactions in the area and use their own knowledge of the current market.
They may also provide information on what the ‘minimum reinstatement value’ is. This is the amount it would cost to rebuild the property from scratch, which can be useful to have when looking for buildings insurance cover during the home buying process.
A valuation being completed doesn’t mean the mortgage is approved, the valuation report can flag issues. For example:
There can also be other requirements that may not be met, such as:
When the valuation has been completed this will usually lead to the mortgage offer which can take around one week (but can vary based on individual circumstances).
This is also known as a ‘down valuation’ and can happen when the valuer values the property lower than the agreed price.
This may mean that we will only be prepared to lend based on a percentage of the purchase price or mortgage valuation (Loan to Value), whichever is lower.
If this happens, we will contact you with next steps.
