Nationwide
Book An Appointment

Demystifying the Mortgage Valuation Process: Importance and Key Insights

In the realm of property financing, the mortgage valuation process plays a crucial role that affects both lenders and borrowers. Whether you’re a homebuyer, looking to switch lenders, or considering re-mortgaging for renovations, a property valuation is an integral part of the mortgage application procedure. In this blog post, we will delve into the significance of property valuations, the underlying processes, and the role they play in lending decisions.

Why Valuations Matter:

Property valuations are pivotal as they provide essential information to lenders making financial decisions. Regardless of your purpose – purchasing, switching, or re-mortgaging – valuations help lenders assess the property’s suitability for financing. This evaluation influences the lender’s confidence in extending a mortgage.

Key Factors in Valuation:

A property valuation is a blend of a valuer’s professional judgment and comparable prices of neighboring properties. The goal is to determine the fair market value of the property, ensuring that it aligns with the lender’s risk tolerance.

Understanding Valuation Costs:

The cost of a property valuation typically ranges from €150 to €185. This fee is paid to the lender, who collaborates with recognized Chartered Professionals and members of the Society of Chartered Surveyors Ireland for property valuation. The lender chooses from its panel of valuers, who assess the property’s condition and value.

Valuation Report Contents:

After visiting the property, the valuer drafts a Mortgage Valuation Report. This report outlines property specifics, condition, value, and a reinstatement amount. The latter reflects the cost of rebuilding the property from scratch in case of severe damage, serving as a baseline for required home insurance coverage.

Valuation Report Contents:

It’s important to differentiate between a valuation report and a pre-purchase survey. While a valuation provides an overview for lending purposes, a survey offers a more comprehensive analysis of the property’s condition. A valuation is mandatory, while a survey is optional.

Validity and Final Valuations:

A property valuation remains valid for about four months. However, in cases like self-build or stage payment mortgages, a Final Valuation is necessary before full lender funds are released. Final Valuations usually cost around €65 to €85.

Ezfees Financial’s Support:

At Ezfees Financial – Mortgage, Life & Pension Brokers, we comprehend the complexities of the property journey. We’re dedicated to assisting you in securing a mortgage approval, ensuring your Home, Your Family, and Your Future remain our top priority.

Consult Our Advisors:

If you’re considering a property venture, connect with our trusted advisors at Ezfees Financial. Whether you’re seeking guidance for your mortgage or comprehensive financial support, our team is here to help. Reach out by calling 0818 910800 or emailing your inquiries to info@ezfeesfinancial.ie.

Conclusion:

The mortgage valuation process serves as a bridge between property financing and sound lending practices. By grasping its significance and nuances, you can navigate the world of property finance with confidence. At Ezfees Financial, we’re committed to making your financial dreams a reality. Reach out today to start your property journey on the right foot.

Ezfees Financial Ltd T/A ezfees financial is regulated by the Central Bank of Ireland. Reg no 489026

Links

Members of Waterford Chamber of Commerce.

Pages

Members of Brokers Ireland.

Facebook Linkedin Instagram
©2024 – Developed by GOAT Sites
Book Appointment

Business Owner Consultation

Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

What’s in this for you? Discuss your business finances in confidence with trustworthy advisors to:
1) Create a money management plan to suit your business
2) Align your business and personal objectives
3) Get clarity and validation on your strategies from dedicated Financial Advisors committed to safeguarding your business finances
4) Be advised when you need to speak to Tax Advisors where relevant
5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your business and your future

Book your business consultation today

Investment Consultation

With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

What’s in this for you? Why you should consider savings and investment plans?
1) The potential for higher returns
2) Flexibility in the amount you save
3) Short, medium and long term options to suit your goals, amounts and terms to save
4) Investment options appropriate to suit your needs and goals

How you can save to secure your dreams:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Book your Savings and Investments Consultation Today

Mortgage Consultation

Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with advice and competitive rates.

Clear, simple, actionable advice for all your mortgage needs:
1) First time buyers
2) First Home Scheme/ Local Affordable Authority Scheme
3) Switchers
4) Home Movers
5) Investment Property
6) Self Employed
7) Contract Workers
8) PAYE
9) Lifetime Loan (over 60’s equity release)

How you can get started:
1. Share your journey with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

Book your Mortgage Consultation Today

Financial Planning Consultation

Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

What’s in this for you? Planning your future, helps make your dreams a reality:
1) Start by creating a money management plan
2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your Financial Future

Book your financial planning consultation today