Valuation policy and fees
|Purchase Price or Valuation (whichever is higher)||Standard Valuation fee||Standard Valuation fee including Homebuyers 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|
Specialist Security valuation fees
|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|
|£700,001 - £800,000||£1,250|
|£800,001 - £900,000||£1,350|
|£900,001 - £1,000,000||£1,495|
|£1,000,001 - £1,250,000||£1,845|
|£1,250,001 - £1,500,000||£2,100|
|Over £1,500,000||By Arrangement|
Where a valuation for mortgage purposes is subcontracted to a panel of chartered surveyors, we make the same charge for the mortgage valuation or Homebuyers survey and valuation in accordance with the above table as we do when using a staff valuer. The difference between the table charge and that which the company pays the panel valuer covers The Mortgage Works' administration costs.
- Further advance applications for Houses in Multiple Occupation require payment of the full specialist security valuation fee
- Re-inspection fee - £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.
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.
Transcribed valuationsAs 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.
House in Multiple OccupationHouses in Multiple Occupation require a Specialist Security valuation.
Energy Efficiency RegulationsEnergy Efficiency Regulations have introduced new minimum standards of energy efficiency for private rented properties. Landlords must ensure their properties have an Energy Performance Certificate (EPC) rating of ‘E’ or higher before granting a new tenancy to new or existing tenants. For more information, read our approach to the new Energy Efficiency regulations.
- 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.
If you or your client wish to appeal the valuation figure, it’s important you contact us before you submit the appeal. This means we can discuss the specific circumstances of the case and let you know the information we need to consider the appeal fully. The following is not an exhaustive list, but as a minimum this will include:
- Two (preferably three) suitable comparable sales - each must be comparable by type, size and location, and include information such as date of sale and selling agent details.
- Supporting commentary - clearly explaining why the valuation is considered incorrect.
Important information regarding appeals:
- Please contact us before you submit the appeal so we can discuss the information required. Any appeals received with missing information, or which don’t meet the necessary requirements e.g. unsuitable comparables, are likely to be dismissed.
- Valuations can only be appealed within 7 working days of you or your applicant being made aware of the valuation outcome.
- We’ll respond to the appeal within 7 working days. The response will be the full and final outcome and the valuation can’t be appealed again.
Switcher valuation appeals
The Online Mortgage Switcher (OMS) will use the House price index (HPI) value to determine the current loan to value. If you believe the value is incorrect, you can request an automated valuation (AVM) to be carried out by emailing the mortgage account number and property address to SLLand&Deeds@nationwide.co.uk. An AVM can take up to 5 working days to be completed.
Please make sure to add the following information and declaration to your email request so we can provide you with an update on when your AVM request has been completed.
- The Mortgage Works Account Number -
- Customer Name -
- Security Address -
- I (Broker Number/FCA Number) can confirm that I have been instructed to act in relation the product switch for the above customer and would like an AVM request.
Once the AVM has been carried out, you will need to login to TMW Online and select create a rate switch option, entering the customers details into the online mortgage switcher. If the property value has been increased, you will be able to create a new offer using the lower LTV product range. The new valuation will be displayed on the offer.
An AVM can only be used if a successful valuation can be produced. If an AVM is not successful then your client has the option to pay for a revaluation, please ensure you complete a Third Party Authority Form before contacting us to discuss this option.