Basic Valuation
The basic valuation is prepared for the lender for the purpose of the mortgage. A survey will also help you to find out independently whether the price is acceptable.
Your mortgage lender will almost certainly insist on a basic valuation to make sure that the property is worth the amount you are paying for it. They want to ensure that you will be able to sell it again and therefore that it is a secure investment.
Although it is often referred to as a survey, it does not go into as much
detail as a home buyer or full survey would do.
Click for more mortgage glossary terms relating to remortgaging.