Desktop Valuation

A desktop mortgage valuation is a type of property valuation that is done without a physical inspection of the property. It is also known as an Automated Valuation Model (AVM).

The desktop valuation is done using data about the property and its location, along with historical transaction data. It involves the use of algorithms to determine the estimated value of a property based on comparable recent sales in the local area, the general condition of the property, and other relevant factors.

The main advantages of a desktop valuation are speed and cost. It can be completed very quickly, often within minutes, and it's usually cheaper than a physical valuation. However, the downside is that it does not take into account the current physical condition of the property or any unique features that could affect its value.

Therefore, it may not be as accurate as a full survey.It's important to note that while a desktop valuation might be sufficient for the mortgage lender to decide on how much they are willing to lend, it might not be enough for the buyer who might want a more comprehensive understanding of the property's condition. In the UK, buyers often get a Homebuyer's Report or a full structural survey to gain a better understanding of the property's condition before purchasing.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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