In short - no. Even among property professionals, the terms ‘mortgage valuation’ and ‘survey’ are used interchangeably. This can create confusion for purchasers but there is a significant difference between the two and the report produced for your mortgage lender is not the same as an independent property survey.
A mortgage valuation report is carried out for your mortgage lender even though you may have to pay for it. It is based around a very limited inspection and provides the lender with the basic information they require to make a lending decision. The valuation report sometimes includes basic information on the construction and condition of the property, the market value, and any significant issues that require immediate repair to protect the property. You may not receive a copy of the mortgage valuation and, even if you do, it will not contain the detail you would expect in a survey. It is important to note that the surveyor is not acting for you in a mortgage valuation and therefore you cannot rely on the report.
In contrast, an independent property survey is carried out for individual purchasers and includes a detailed inspection and an extensive report on the condition of each element of the property. This will give you a clear picture of the house you are buying and help you to anticipate works that are required and to budget for these. Depending on the level of survey, it may also include advice from the surveyor, photographs and a valuation. This house survey report is confidential to you and is a report you can rely upon.
Relying on a mortgage valuation report to highlight any issues with a property is very risky as the limited inspection means critical issues can be overlooked. For example, roof space inspections are not included as standard in mortgage valuation reports even though serious defects can occur unseen in the roof void. In contrast, during a HomeBuyer Report inspection, the surveyor will fully enter the roof space (where it is safe to do) and uncover any issues.