Home Buyers Guide

Chapter 1: The 10 Steps to Buying Your First Home:

5: Arrange a mortgage valuation

As soon as you agree a price with the estate agent, inform your mortgage adviser, so that a ‘mortgage valuation’ of the property can be completed.

A mortgage valuation is an inspection of a property to establish the market value. It involves a qualified valuer
visiting the property to confirm that the property is a suitable property to offer a mortgage on. (It should not be
confused with a surveyors report, which is explained on page 23)

While it’s completed in the interest of the bank you have to pay for it. The valuation usually costs about €150, but
speak to you broker or bank as the price can vary.

Your mortgage adviser will either arrange this valuation for you or will give you a list of acceptable valuers in the area who can complete the valuation for you.

If you are buying a new home off plan, the lender will usually need an initial valuation and a ‘final’ valuation when the property is completed.

This usually adds about another €70 to the cost.

When the mortgage valuation is completed, it’s submitted to the lender and a 'letter of offer' will be issued by the
Bank or Building Society.

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