Property Surveys Explained | Homebuyer Advice

Surveys – what you need to know

Having a survey carried out on a property before you commit to buying it makes financial sense, as it can save you thousands of pounds in repair bills. There are various options available, and we can offer help and advice on choosing the type that meets your needs.

A mortgage valuation isn’t the same as a structural survey. A mortgage valuation is undertaken by your lender to assess whether the property you want to buy is sufficient security for your loan. It won’t tell you about the state of the property or show up any underlying faults in the way that a survey does.

There are two main accrediting bodies for surveyors – the Royal Institution of Chartered Surveyors (RICS) and the Residential Property Surveyors Association (RPSA) – and you should check that your surveyor is a member of one of them.

RICS surveyors offer three levels of survey:

Type of survey available	Scope
RICS Condition report	This is the most basic form of survey and is aimed at new build and conventional homes in good condition.
RICS Homebuyer Report	The next level up, this will identify structural problems and common problems such as subsidence or damp
RICS Building Survey	The most comprehensive survey, this covers a full inspection and give professional advice on any repairs that may be required and the likely costs involved.

Why your credit score matters

Mortgage lenders look carefully at how you manage your finances when assessing your mortgage application. If you want to qualify for a competitive mortgage rate, then you need to have a good credit rating. When a potential lender reviews your application, they’ll look at your credit report at one or more of the main credit reference agencies like Experian or Equifax.

Generally, the higher your credit score, the better your chances of getting a good mortgage product at a lower interest rate.

Simple steps like paying your utility bills and making existing loan repayments on time, increasing your monthly credit card repayments, registering on the Electoral Roll and not taking on additional borrowing before you make your mortgage application, can help improve your chances of having a good credit score.

It pays to check your credit score. If it’s not as good as it could be, take steps to improve it before you make your mortgage application.

What are the main stages in buying a property?

Here are the major milestones in the house buying process:

Contact your adviser to discuss your plans
With your adviser, work out how much you can afford
Draw up a budget to cover legal costs, surveys and mortgage fees
Make your application and get a mortgage agreed in principle
Start looking for a property you can afford
Make an offer
Arrange the most suitable protection plans with your adviser
Expect your lender to arrange a mortgage valuation on the property
Appoint a solicitor or conveyancer who will start the searches and legal work
Arrange a survey, in Scotland review the Home Report and arrange a survey if necessary
Finalise your offer and agree your formal mortgage offer
Arrange to get your deposit to your solicitor
Exchange contracts (England and Wales) or agree the contract (Scotland)
Arrange buildings insurance to start from date of exchange of contracts
Arrange completion and pay Stamp Duty if applicable
Move in

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

Why use Miles Rhodes

You’re protected

An important thing to understand is that when you receive mortgage advice, Miles Rhodes has a duty of care to you. We will recommend a suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you.

In contrast, if you go directly to a high street mortgage lender, don’t take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse.

All our mortgage advisers are qualified

There’s an awful lot to think about when choosing the right mortgage. It’s not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

Mortgage advisers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender’s call centre.

We are on your side

Miles Rhodes will look for the best mortgage for you. We aren’t on the lender’s side, we are on yours, and we give you access to far more products than if you went direct.

You will get unbiased advice and will be able to choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.

We know the industry

Mortgage criteria has tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development.

It’s been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

Our Reviews

yatin patel

5 months ago

Outstanding debt i’ve provided by mr bhavin patel

Fritha Waters

2 months ago

Liam was a fantastic advisor, understanding and patient for a first time buyer like myself.

Adam Falkinder

6 months ago

Used craig towle for my mortgage, was a first time buyer and made the process very smooth and easy to understand. Couldn’t be happier

Liv Andrews

3 months ago

Following a difficult separation, nicky as my broker was incredibly patient, supportive, and explained all options and processes clearly. Even after the remortgage was processed, the follow up and checking in has been really appreciated – a really nice personal and caring touch to a great professional read more

Robert Brown

7 months ago

Vicky hasdell was great with my equity release loan. Sorting the best deal for me, responding to queries quickly and chasing solicitors. She went above and beyond what was expected. I highly recommend vicky to anybody considering an equity release loan.

Elizabeth Martin