Before a lender will grant you a mortgage it will insist on a valuation to prove the property is worth what you’re paying for it. The size of the valuation fee will vary by lender and property value but for a property costing £200,000 expect to pay around £355 (source: Halifax Building Society June 2015).

The basic valuation is for the lender’s benefit so that it feels comfortable lending against the property. If your property is rented out, then a rental assessment will also be required. It may be possible to raise a larger mortgage with one lender compared to another because of the rental yields they use as well as the loan to value percentage.

You may feel you want to add a survey to the valuation that gives you a report on the general condition of the property.

Costs vary but for a valuation and survey on a house costing £200,000 expect to pay around £545 (source: Halifax Building Society June 2015).

If you are buying an older property, or one in a general state of disrepair, you may choose a full structural survey. This is a thorough survey that examines the structural condition of the property and gives you advice on repairs. Depending on the property expect to pay between

£500 and £1,000.

Your valuation will also need to include rental expectations, as compared to a normal mortgage residential valuation. Obtaining comparable examples in the same area and for a similar property will help you obtain a benchmark.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.