Usually, yes: when you remortgage to a different lender, it needs to assess your property's value. However, this does not necessarily mean a surveyor will visit, or that you need to arrange and pay for a valuation yourself.
The lender uses its assessment to decide whether your home is suitable security and to work out the loan-to-value ratio. A straightforward rate switch with your existing lender can work differently, using a value it already holds or an updated estimate.
This guide focuses on remortgaging your own home. It explains the lender's valuation, rather than a survey you commission to investigate the property's condition.
Will a surveyor visit your home for a remortgage valuation?
Not always. The lender decides which method is acceptable for your application. The options can include:
- Automated valuation: a computer model uses property and market data to estimate the value without a visit.
- Desktop or remote valuation: a surveyor assesses available information without an in-person inspection. You may be asked for property details or photographs.
- External assessment: the surveyor looks at the property from outside, sometimes called a drive-by valuation.
- Internal inspection:a surveyor visits and inspects the property for the lender's valuation purposes.
The property type, information available and lender's rules affect the approach. If a remote assessment does not provide enough information, an inspection may be needed. You cannot assume a physical visit is required simply because you are changing lenders.
Even where someone visits, a mortgage valuation is not a detailed condition survey or a guarantee that the property has no defects.
Who arranges and pays for a remortgage valuation?
Your new lender normally arranges the assessment through its valuation process. You generally do not need to find a surveyor independently before applying.
Online estimates, recent sale prices and an estate agent's appraisal can help you provide a realistic starting figure. They do not oblige the lender to accept that value. Compare similar properties that have actually sold, rather than relying only on advertised asking prices.
Before paying for an independent valuation, ask whether the lender would accept it and whether it is needed. Otherwise, you could pay for a report that does not replace the lender's own assessment.
Is a remortgage valuation free?
Many remortgage deals include a standard valuation at no extra cost, but this is not universal. Check the particular product and what it covers. A separately commissioned survey or specialist report may involve additional costs.
Compare the overall mortgage cost, not just the valuation fee. Product fees, legal costs and early repayment charges can also matter. Read the remortgage costs guide for the wider picture.
How does the valuation affect your remortgage?
Loan-to-value, or LTV, is the mortgage amount as a percentage of the property value accepted by the lender. For your proposed remortgage, calculate it using the new loan amount, including any additional borrowing.
Mortgage amount ÷ property value × 100 = LTV percentage
Here is an illustrative example with the same £180,000 mortgage in both cases. It is not a mortgage offer or a customer case.
| Valuation basis | Property value | Mortgage | LTV |
|---|---|---|---|
| Your estimated property value | £240,000 | £180,000 | 75% |
| A lower lender valuation | £225,000 | £180,000 | 80% |
Although the borrowing has not changed, the lower valuation moves the LTV from 75% to 80%. A product limited to 75% LTV would no longer fit that loan and valuation. A different rate or product may be needed, subject to the lender's criteria.
A higher valuation can reduce the LTV, but it does not guarantee a cheaper deal. The lender's pricing bands, fees and your wider circumstances still matter.
What if your remortgage valuation is lower than expected?
A lower valuation does not automatically mean the application will be declined. First, establish whether it changes the available rate, maximum borrowing or the lender's decision about the property.
- Check the details. Ask your adviser or lender whether there is a factual error or a property issue that needs explaining.
- Ask about the review process. Lenders have different rules, evidence requirements and deadlines for valuation appeals. A review is not always available.
- Provide relevant evidence if requested. Recent completed sales of genuinely comparable properties or evidence of completed improvements may be relevant. Renovation spending does not automatically add the same amount to a property's value.
- Recheck your mortgage options.Depending on your circumstances, this might mean a different product, a smaller loan or considering your existing lender's deals.
Neither an appeal nor a new application guarantees a higher figure. A reassessment can produce a lower value, and lenders may require the new figure to replace the previous one. Ask about that risk, costs and deadlines before requesting a review.
Do you need a valuation when staying with the same lender?
A straightforward product transfer often does not require a fresh inspection. Your lender may use its existing valuation or an updated estimate based on house-price data to calculate your LTV and the deals available.
If you believe the value has changed substantially, ask how your lender handles valuation reviews. Some allow a new assessment, potentially for a fee. Confirm whether a new result would replace the existing figure even if it is lower.
Borrowing more is not simply a rate switch and may bring additional checks. Avoid assuming the same process applies to every change with your current lender.
Read product transfer vs remortgage to compare staying and switching more broadly.
What happens after the remortgage valuation?
The lender considers the valuation alongside the rest of your application. A completed valuation is not mortgage approval: income, affordability, credit and property checks may still need to be satisfied.
There is no fixed number of days from valuation to offer or completion. Further enquiries, requested reports and legal work can affect the timing. Respond promptly to requests and make access available if an inspection is needed.
See How long does a remortgage take? for the stages, and Do I need a solicitor to remortgage? for the separate legal process.
Get help with your remortgage
I can help you understand how the property value and mortgage balance affect your options, compare suitable deals and review the position if the lender's valuation differs from your estimate. I cannot guarantee a particular valuation or lending decision.
I do not charge a mortgage broker fee. If I arrange your mortgage, I receive commission from the lender on completion. Lender fees, legal costs and early repayment charges may still apply.
Book an initial call or learn more about my remortgage advice.
This guide provides general information, not a personal mortgage recommendation or a professional property valuation. Lender criteria, valuation methods and available products can change.
Your home may be repossessed if you do not keep up repayments on your mortgage.