A Mortgage Valuation is a brief inspection of a property, on which a loan/mortgage is to be secured. This is carried out on behalf of the bank or lending source in order to establish the general condition of the property in terms of suitability for loan security purposes and to provide an Open Market Valuation (OMV) of the subject property. This Valuation report will only refer to any major defects, which may adversely affect the lender's decision to take this property as loan security. It will also refer to any essential repairs, which if not undertaken within six months, might lead to a reduction in the value of the property. Whilst the prospective purchaser often has to pay, or at least contribute towards the costs of this initial valuation, (i.e. as an administrative fee levied by the prospective mortgage lender) this is not a residential 'survey' as such, and contractual liability is generally only between the bank and the valuer.

This is the cheapest and most basic type of property survey. It is the minimum required survey by lenders in order that they can evaluate the suitability of the property for mortgage purposes. The borrower normally receives a copy of this report, however, it is not a comprehensive report on the condition of the property. The borrower should consider a home buyer's report or structural survey if they require more detailed information before deciding to purchase.

See [Valuation/Survey Types