Valuation policy and fees
Valuation fees
Valuation fees are non-refundable once the valuation has been carried out, with the exception of applications declined following an Underwriters review where the property was suitable. The fees will be collected at FMA submission.
Please note: On 1 September 2021, the Homebuyers Report was replaced with the Home Survey Level 2 Report.
| Purchase Price or Valuation (whichever is higher) |
Standard Valuation fee | Standard Valuation fee including Home Survey Level 2 Report (includes VAT where due)* |
|---|---|---|
| Up to £100,000 | £205 | £290 |
| £100,001 - £150,000 | £240 | £385 |
| £150,001 - £200,000 | £280 | £470 |
| £200,001 - £300,000 | £340 | £570 |
| £300,001 - £400,000 | £405 | £670 |
| £400,001 - £500,000 | £465 | £780 |
| £500,001 - £600,000 | £515 | £795 |
| £600,001 - £700,000 | £575 | £855 |
| £700,001 - £800,000 | £630 | £950 |
| £800,001 - £900,000 | £670 | £1,005 |
| £900,001 - £1,000,000 | £725 | £1,090 |
| £1,000,001 - £1,250,000 | £950 | By Arrangement |
| £1,250,001 - £1,500,000 | £1,050 | By Arrangement |
| £1,500,001 - £1,750,000 | £1,160 | By Arrangement |
| £1,750,001 - £2,000,000 | £1,275 | By Arrangement |
| Over £2,000,000 | By Arrangement | By Arrangement |
*This is not available for remortgage or HMO applications.
Houses in Multiple Occupation (HMO) Specialist Security Valuation
| Purchase Price or Valuation
(whichever is higher) |
Standard Valuation fee |
|---|---|
| Up to £200,000 | £435 |
| £200,001 - £300,000 | £670 |
| £300,001 - £400,000 | £790 |
| £400,001 - £500,000 | £850 |
| £500,001 - £600,000 | £1,025 |
| £600,001 - £700,000 | £1,125 |
| £700,001 - £800,000 | £1,250 |
| £800,001 - £900,000 | £1,350 |
| £900,001 - £1,000,000 | £1,495 |
| £1,000,0001 - £1,250,000 | £1,845 |
| £1,250,0001 - £1,500,000 | £2,100 |
| Over 1,500,000 | By arrangement |
Further advance applications for HMO require payment of the full specialist security valuation fee.
Valuation policy
Where a physical valuation is required, safety is our number one priority. Valuers will need to carry out a detailed safety assessment with the customer before the valuation is conducted. Where a customer isn’t comfortable letting a valuer into their property we’ll place the application on hold and you’ll need to tell us when they’re ready to proceed.
Valuers may also carry out an ‘external only’ assessment. A safety assessment will still be completed and the valuer will explain the process to the customer. Where more information is needed and photos of the property may help, the valuer will request them from the applicant/vendor. If this is necessary, full support will be provided by telephone/email.
Valuation reports are valid for a period of 3 months. Please be aware that a mortgage offer must be issued prior to the valuation report expiring.
Re-inspection fee is £100. The Mortgage Works reserves the right to conduct an additional inspection of the property. For example, to ensure the completion of a New Build property originally valued off plans.
If you're unsure whether the property would be suitable security for us, you can complete this Pre-valuation enquiry form.
The valuation will be carried out when the relevant fee has been received.
For Houses in Multiple Occupation (HMO), please refer to our HMO page for further guidance.
Valuation appeals
If you wish to appeal the valuation figure, it’s important that it fits our criteria. We'll need the following information to consider your appeal and will reject appeals which do not provide the following:
- Details of at least two comparable properties. They must be of similar type, style, size and location to the subject property and be sold/rented within the last six months.
- A summary/additional comparables explaining why you're appealing the valuation based on the information and comparable evidence provided.
- For New Build properties, three comparable sales are required, one from the same site, one from a similar local New Build site and a Non New Build property in the local area.
Important information:
- Appeals received with missing information, or which don’t meet the necessary requirements will be rejected.
- Valuations can only be appealed within 10 working days of you or your client being made aware of the valuation outcome.
- We’ll respond to the appeal within 10 working days. The response will be the final outcome and the valuation can’t be appealed again.
It’s important that you review the above criteria first before contacting us. Once you have all the relevant information to hand you can contact broker support who will send you the Valuations Appeal form, which should be submitted to valuation.appeals@nationwide.co.uk.
Transcribed valuations
As of 26th January 2016, The Mortgage Works no longer accepts transcriptions for valuation purposes on Scottish Buy to Let Applications. We will instruct our own Mortgage Valuation Report on all cases as a valuation fee will be payable by the customer.
Energy Efficiency Regulations
The Energy Performance Certificate (EPC) provides details on the energy performance of a property and what your client can do to improve it.
When submitting an application make sure you input the correct property address, as we'll verify that it has a valid EPC or exemption on the register.
You can find exemption details at Domestic Private Rented Landlord Guidance
Properties in England and Wales
Check your client’s property has a valid EPC.
Applications at 75% LTV or below
We’ll need a valid EPC submitted with all applications, unless there is a valid exemption. The EPC needs to be rated ‘E’ or higher. This applies to properties where there are existing tenants, as well as properties where a new tenancy is being created. Until we receive this, we can't instruct a valuation or progress the application.
Applications above 75% LTV
The property must have an EPC rated ‘C’ or above. We'll decline applications on properties which don't meet the criteria, including appeals. You will then need to resubmit an application with an LTV of 75% or below and a new product selected.
Remortgage with capital raising (including Porting)
As part of any remortgage with capital raising application, for example to purchase or refurbish another property, we’ll expect your client to carry out the works required to bring the security asset up to a minimum ‘E’ rating (minimum 'C' rating for applications over 75% LTV).New Build
You don't need to provide proof of an EPC rating for a New Build application, as it won't be available until after the property is completed.
Further advance
All further advance applications require a valid EPC before submission. The Valuer will be unable to recommend the property as a suitable security without a valid EPC. We'll reconsider the property once you provide a valid EPC.
We'll consider applications where a property’s EPC rating is outside of our policy, subject to the following:
- For applications at 75% LTV or below: if the EPC rating is F or G, we'll only accept a further advance where the sole purpose of the additional borrowing is to fund improvements to make the property compliant with EPC minimum standards of E rated or above.
- For applications over 75% LTV: if the EPC rating is D, E, F or G, we'll only accept a Green Further Advance application where the sole purpose is to fund improvements to make the property compliant with TMW policy of C rated or above.
The valuer will assess the EPC data and detail any works needed to bring the property to the minimum standards above in the valuation report. We'll reflect the costs of any works in the valuation figure.
Green Further Advance applications
We'll place a condition on the mortgage offer confirming your client must undertake the work within 3 months. We can reinspect the property 3 months after completion to:
- ensure your client has carried out the work or
- requested an updated EPC to show they have made the improvements.
If the application is for any other further advance product (as per current retention policy), the application can proceed where the cost of work is no more than:
- £2,500 (for properties with a current value of up to £100,000)
- £5,000 (for properties with a current value over £100,000)
For portfolio applications the valuation policy detailed here will only apply to the property on the new application. We won’t assess EPC ratings on other properties held with other lenders.
Post completion lending criteria
Landlords must comply with the new regulations for post completion contract variations. This includes transfer of equity, conversions or term amendments.
Properties in Scotland
This includes purchase, remortgage, further advance and porting applications.
Check your client’s property has a valid EPC
We’ll continue to lend on all properties with an EPC rating of F or G. However, the Valuer will assess the EPC data and detail any works needed to bring the property to a minimum E rating in the valuation report.
We'll reflect the costs of any work in the valuation figure, and place a condition on the mortgage offer confirming the work that your client must undertake within 3 months. Unless your client sends us proof of a valid exemption or an updated EPC prior to completion.
To ensure you have carried out the work, we can reinspect the property 3 months after completion.
As per current retention policy, the application can proceed where the cost of work is no more than:
- £2,500 (for properties with a current value of up to £100,000)
- £5,000 (for properties with a current value over £100,000)
A full retention will be applicable if the cost of the work exceeds the values above.
We calculate the maximum loan and LTV on the purchase price or the figure before the work, whichever is lower.
Other information
- The valuer will be instructed by The Mortgage Works to determine the suitability of the security.
- In the case of BTL applications, we will apply the lower of passing rent or estimated rental value as given by the valuer.
- For all standard BTL applications, the estimated rental value will be based on the market rent for single family occupancy. (See Houses in Multiple Occupation for cases submitted as an HMO).
- If the valuation has been carried out and the property has been found to be of unsuitable security or the application does not proceed, the valuation fee will not be refunded.