Process
Property Valuation
A valuation is the lender's assessment of your property's market value, used to confirm there's enough equity to support the secured loan you're applying for.
Lenders use one of three valuation types depending on the loan size and LTV. A desktop valuation uses property databases to estimate value from comparable sales — used on standard cases under 70% LTV, completed in 24–48 hours, often free. A drive-by adds a brief external inspection — adds 3–5 days. A full physical valuation has a RICS surveyor visit the property — required for high-LTV cases, larger loans, and unusual property types.
If the valuation comes in lower than your estimate, your maximum loan reduces accordingly. If it comes in within 5% of your estimate, the application proceeds with the original terms. Coming in higher means a lower LTV than expected, sometimes unlocking a better rate.
Be conservative when estimating your property value at application stage. Use recent sold prices for comparable properties on Rightmove or Zoopla, not asking prices. An ambitious estimate that the valuer doesn't support causes delays and forced loan-amount reductions.