Halifax has announced the details of its valuation fee promise, which means that Halifax will refund valuation costs to mortgage applicants if their home purchase falls through, through no fault of their own.
This is the first lender to guarantee a refund of valuation costs where there is no completion. The costs will be refunded when the mortgage applicant goes on to complete on an alternative property with Halifax.
By refunding the valuation costs, which are dependent on the purchase price and type of survey, Halifax will save the applicant from the loss of hundreds of pounds. A basic valuation can be £370.
Stephen Noakes, Mortgage Director at Halifax commented:
“Unfortunately from time to time sales can fall through, which is not only disappointing for the homebuyer, but costly too. 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. This is another example of Halifax challenging market norms in order to support customers through the home buying process.”
The valuation refund promise applies to all Halifax mortgage customers applying for any product through the branch and intermediary channels. Customers who have had their property valuations commissioned through Halifax will have their initial valuation fee refunded, and payment will be made directly to the customers once completion has taken place on a Halifax mortgage for another property.
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