If you're buying a home or remortgaging an existing home to us, we will complete a valuation on the property and its value will form part of the mortgage application process.
Unless you choose to pay a fee to upgrade, the type of valuation will be chosen by us. We don’t usually share a copy of the report with you, so it’s important that you arrange your own valuation/survey to make investigations into the condition and marketability of the property.
All 3rd party valuations are carried out by RICS qualified surveyors on TSB’s behalf.
Types of Valuation
Automated Valuation (AVM)
This method produces a valuation using a variety of different data sources, including statistical analysis of sold property data. No hard copy valuation report is produced using this method, selected data (including a valuation figure) is returned to us to use as part of our lending decison.
Desktop Valuation
This level of survey is completed by a qualified surveyor remotely, which means no access to the property is needed. A wide range of data and information sources are used to determine a property’s value.
If the surveyor is not able to comfortably reach a value for the property, they may decide they need to go out and physically inspect the property. This means they may upgrade the valuation to a Level 1 Mortgage Valuation.
Mortgage Valuation (Level 1)
Our valuation (Level 1) is a very brief report on the property's condition and its market value based on a limited inspection of the readily visible and accessible parts. This report will not be shared with you so it's important to understand that the report is not a detailed survey - it is just for our purposes to help us assess if the property is adequate security for the money you want to borrow.
As this is a brief report to confirm the value of the property we recommend that you arrange a more detailed report into the property's condition than the mortgage valuation. There are two higher levels of survey our valuation partner – Connells - can offer as part of a TSB mortgage application, which are detailed below.
Home Survey and Valuation (Level 2)
A Home Survey and Valuation report is a separate service and contract you enter with our valuation partner. We don't receive a copy of the survey and are not involved in arranging it. The Home Survey and Valuation service includes:
- A physical inspection of the property
- A report based on the inspection
- A valuation, which is part of the report.
It is produced in an easy-to-follow format and the surveyor completing the service aims to give you professional advice to help you to:
- make an informed decision on whether to go ahead with buying the property
- make an informed decision on what is a reasonable price to pay for the property
- take into account any repairs or replacements the property needs
- consider what further advice you should take before committing to purchasing property.
There are set fees for a Home Survey and Valuation depending on the value of the property (see table below).
Home Survey (Level 3)
This is an even more detailed report on the property, which can be tailored to fit your requirements. Again, the report is just for you - we don't receive a copy of the survey. If you choose a Home Survey, you need to agree the additional fee with the surveyor. Then, our valuation partner will send the appropriate terms of engagement to you to read, sign and return to them.
The Home Survey service (Level 3) includes:
- a thorough inspection of the property
- a detailed report based on the inspection.
Sometimes investigations reveal structural defects in the property. If that happens, we may not release the mortgage money until the defects have been fixed. You may have to pay re-inspection fees if we decide that further inspections by our valuer are needed before all the mortgage money can be released.
The surveyor who provides the RICS Home Survey – Level 3 service aims to give you professional advice to:
- help you make a reasoned and informed decision when purchasing the property, or when planning for repairs, maintenance or upgrading the property
- provide detailed advice on condition
- describe the identifiable risk of potential or hidden defects
- propose the most probable cause(s) of the defects based on the inspection
- where practicable and agreed, provide an estimate of costs and likely timescale for identified repairs and necessary work.
More information about the Home Survey & Valuation (Level 2) and Home Survey (Level 3) can be found on the RICS website here
If you are remortgaging to us, we will arrange an assessment of your property for our own purposes based on the information you give us. We may charge a fee for this. You must not rely on the fact that we may be prepared to make you a loan as any indication of the value of the property. You may want to get your own valuation advice.
All of our mortgages currently have a free valuation unless you opt for a more in-depth level of survey. Should you choose to upgrade your valuation the amount we charge depends on your property value, see below for our full table of valuation fees.
Residential and BTL |
Charge (Inclusive of VAT) |
Property Value |
Basic Valuation (Currently free) |
Home Survey & Valuation (Level 2) |
Home Survey (Level 3) |
Up to £25,000 |
£0 |
£256 |
£466 |
From £25,001 to £50,000 |
£0 |
£256 |
£466 |
From £50,001 to £100,000 |
£0 |
£256 |
£466 |
From £100,001 to £150,000 |
£0 |
£278 |
£504 |
From £150,001 to £200,000 |
£0 |
£316 |
£570 |
From £200,001 to £250,000 |
£0 |
£406 |
£726 |
From £250,001 to £350,000 |
£0 |
£447 |
£798 |
From £350,001 to £450,000 |
£0 |
£536 |
£894 |
From £450,001 to £550,000 |
£0 |
£624 |
£941 |
From £550,001 to £650,000 |
£0 |
£714 |
£1,026 |
From £650,001 to £750,000 |
£0 |
£798 |
£1,112 |
From £750,001 to £850,000 |
£0 |
£896 |
£1,155 |
From £850,001 to £1,000,000 |
£0 |
£972 |
£1,240 |
From £1,000,001 to £1,250,000 |
£0 |
£1,051 |
£1,653 |
From £1,250,001 to £1,500,000 |
£0 |
£1,0501 |
£1,891 |
From £1,500,001 to £1,750,000 |
£0 |
£1,051 |
£2,128 |
From £1,750,001 to £2,000,000 |
£0 |
£1,051 |
£2,366 |