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Halifax makes valuation fee promise

Halifax makes valuation fee promise

Category: Mortgages

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Halifax has moved to support home buyers by pledging to refund valuation costs if their house purchases fall through.

The lenders said the promise would strengthen its support of the housing market.

The initiative means that the bank will refund valuation costs to mortgage applicants if their home purchase falls through, through no fault of their own.

Under the terms of the deal, costs will be refunded when the mortgage applicant goes on to complete on an alternative property with a Halifax mortgage.

Halifax said it is the first lender to guarantee a refund of valuation costs where the transaction is not completed.

The cost of conducting a property valuation is dependent on the property purchase price and the type of valuation being carried out.

With costs for a basic valuation starting at £370 and increasing to £690 for a full detailed survey, an unsuccessful sale can cause a buyer to lose hundreds of pounds.

"Unfortunately from time to time sales can fall through, which is not only disappointing for the homebuyer, but costly too," said Stephen Noakes, mortgage director at Halifax.

"By refunding the valuation fee when this happens, it will alleviate some of the extra burden for buyers to fund the valuation fee for their next property purchase."

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