Lending policy

A-Z lending policy

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Valuation fees

Our valuation fee scale is as follows:

Valuation/Purchase Price	Basic Valuation Report Fee
Up to £60,000	£112
£60,001 - £100,000	£132
£100,001 - £150,000	£163
£150,001 - £200,000	£188
£200,001 - £250,000	£214
£250,001 - £500,000	£275
£500,001 - £750,000	£331
£750,001 - £1,000,000	£377
£1,000,001 - £1,500,000	£510
£1,500,001 - £2,000,000	£663
£2,000,001 - £2,500,000	£817
£2,500, 001 - £3,000,000	£970
Over £3,000,000	By Negotiation

The Basic Valuation Report Fee includes the VAT charged to Virgin Money by the valuer.

If the instructed valuer values the property at a figure which differs from the purchase price/estimated value stated on your mortgage application form, the fee payable may change in accordance with the table above.

In the event the property is valued at a figure higher than that stated on the mortgage application form, the difference between the valuation fee payable and the actual amount paid prior to the valuation will be payable prior to the issue of an Offer.

In the event the property is valued at a figure lower than the figure stated on the mortgage application form, the difference will be refunded to you.

A surveyor may be asked to carry out a physical valuation or a remote valuation without visiting the property.

The cost to Virgin Money may differ from the fee charged.

There is an administration fee included within the valuation fee.

Valuations

Mortgage Valuation - This is a basic valuation which: assesses the suitability of the property for mortgage purposes only, is instructed by the lender, and is purely for their use.

It’s important to remember that the mortgage valuation is primarily for our purposes and confirms whether the property is a suitable security for a mortgage. Your clients may want to consider instructing a separate survey to provide them with a more detailed assessment of the condition of the property.

More information on the types of survey available can be found on the ‘Home Surveys’ section of the Royal Institution of Chartered Surveyors website.

Please note that if your clients do instruct their own survey, this will be a separate contract between them and their chosen survey provider with separate fees applying. We will always rely on the mortgage valuation for the purpose of agreeing the mortgage.

In Scotland, the valuation will usually have been completed before Virgin Money receives the mortgage application. In these circumstances a transcript valuation is acceptable, providing the valuer is on the Virgin Money Panel.

A surveyor may be asked to carry out a physical valuation or a remote valuation without visiting the property.

For product transfer applications we will usually calculate the LTV using an index-linked valuation or AVM. In some instances we may need to carry out a full valuation, but we will always let you know in advance.

We will no longer send you or your clients a copy of the basic valuation report where no issues are identified.

The cost to Virgin Money may differ from the fee charged.

There is an administration fee included within the valuation fee.