Halifax has announced mortgage applicants who see their house purchase collapse through no fault of their own will have their valuation costs refunded.
The bank noted it is the first lender to make such a valuation fee promise in instances when the transaction is not completed.
As part of the move, customers can expect to receive the money back when they successfully snap up an alternative dwelling with Halifax.
Stephen Noakes, mortgage director at the group, noted homebuyers are not only left disappointed when purchases fall through, but often out of pocket to boot.
Mr Noakes stated: “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.”
Halifax – which is a division of Bank of Scotland – explained the cost of a property valuation is dependent on a number of factors, including the purchase price of the abode and the type of assessment being made.
The overall outlay for such an evaluation can range from £370 to around £690, it added.
