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  • Why You Shouldn't Use Your Mortgage Lender's Surveyor for your Survey

    2nd January 2018

    Why You Shouldn’t Use Your Mortgage Lender’s Surveyor for your Survey

    It may seem easier to keep your survey tied in with your mortgage valuation. However, the surveyor ultimately works for your lender (and not you) which could throw up some issues with your mortgage.

    Reason 1: It may jeopardise your mortgage application

    A mortgage valuation report requires a quick overview of the property. If you then ask your lender’s surveyor to do a more detailed report there is a greater chance they find something untoward. Ok, this is the point of a survey and if they do find something then this is great for you to make a better decision. But, they are working for your lender and have a duty to inform the lender of this issue which could ultimately jeopardise your mortgage application or the amount they are willing to lend. Remember – they are making sure the property is suitable to loan their money against. They want you to pay to use their surveyor so they can better understand their own risk whilst earning more money from you.

    By using your own surveyor you can find out everything you need to know about the property and potentially use this information to renegotiate the purchase price without risking your mortgage offer. An independent surveyor (through our site) works solely for you and not your mortgage lender or seller.

     

    Reason 2: Faster Turnaround

    A mortgage lender usually has a panel of surveyors that are booked up well in advance. Independent surveyors usually have a faster turnaround time which is also beneficial if the surveyor can’t gain access to the property and has to rebook the inspection for another day. The sooner you know the condition of the property you are buying, the sooner you know what your decision to purchase will be which can save you time and money on other services.

     

    Reason 3: Motivation

    A surveyor working for a mortgage lender often pays up to 20% of their fee to the panel they are on or the mortgage lender. This means they either have to accept a lower wage from the survey price than their independent counter parts or have to do more surveys a day to make the same amount. This means your independent surveyor may be better motivated to spend the time on your report than the surveyor working for your mortgage lender.