Valuation fee changes

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On Monday 8th November we will be reducing the mortgage valuation (level 1) fee for purchase applications to £100 for all property values.

We will also be reducing the revaluation fee payable on further advance applications to £100.

A mortgage valuation (level 1) is a basic property valuation for our underwriting purposes only. We may ask a surveyor to carry out an internal inspection, remote valuation or we may use an Automated Valuation (AVM). A report will only be available if a surveyor visits the property. If a physical inspection takes place this will be based on a limited inspection and defects that could affect your customer's decision to buy may not be identified. It should not be relied on for their buying decision. It is important the customer is aware of the different valuation types and limitations of each.

On further advances, a revaluation is required where the existing loan plus further advance is over 80% loan to value based on our indexed valuation. For remortgage applications where there is no valuation or survey, we carry out an assessment of the property at no charge to the customer.

Please see the valuation fees page on our website for further information on the different types of valuation and survey. The fee amounts quoted on the website will be updated on Monday 8th November.

The new fee will be charged on all new full applications submitted from Monday 8th November. The previous fee will apply to all applications submitted before Monday 8th November. Valuation fees are non-refundable once the property assessment has been completed.

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk.

For independent information on mortgages, visit the website 'Money Advice Service'.

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