LENDING BODIES

The following institutions are common mortgage lenders:

• banks - fees and carges
• building societies (also known as "saving and lending" bodies and credit foncier companies).
• finance companies
• insurance companies
• private lenders.

The valuer can be called upon to carry out market valuations for the above. The lender will lend an amount less than the market value, how much less will be dependant on the risk profile and policy of the lender. The lower the percentage of the loan to market value, the lower the risk taken by the lender. Banks lend at a lower interest rate than for example, finance companies. However, the bank may only lend 60 80% of the market value (without mortgage insurance) whereas a finance company may be prepared to lend 90 100%.