When purchasing/ re-mortgaging a property with mortgage finance, your lender will require a Mortgage Valuation as per the conditions of your loan offer. This Valuation is for the benefit of the Lender, not the Purchaser.
A Mortgage Valuation is a pro-forma Report prepared following an inspection of the property by one of our independent Valuers, associated research, and is issued directly to your Mortgage Lender.
The inspection is brief (typically less than 20 minutes). It records various details about the property including value, gross internal floor area, accommodation, services, overall condition, and location. Desk based research is undertaken to arrive at an opinion of Market Value and this is compared with the agreed purchase price (where applicable).
The Report outlines the above details, and more, to the Lender who will use the it in its decision-making process when considering the property as a proposed security.
All Mortgage Valuations are prepared in strict accordance with the RICS Valuation - Global Standards (‘Red Book Global Standards’), particularly the IRL appendix 1 RICS Ireland/SCSI residential mortgage valuation specification, which encompasses the requirements of the International Valuations Standards (IVS).
It is important to note that a Mortgage Valuation is not a detailed Building Survey and whilst general condition is recorded this is very much a cursory assessment for comparison purposes and may not highlight any complex defects which may exist.
We are approved to perform Mortgage Valuation Reports for all leading of Irish Lending Institutions. Please see here for a list of Lenders.