Nationwide Building Society is removing all standard valuation fees from its mortgage range, from today (11 November).
Customers will now be able to select any mortgage product and get fee-free standard valuations, both direct and through intermediaries.
The move will see the average house purchase customer save around £200.
Those customers opting for a more detailed Nationwide Homebuyers Report will now pay a reduced top-up fee, depending on the overall value of the property on a sliding scale, starting from £150.
In addition, mortgage customers with a main Nationwide Flex account who apply will be eligible for a £250 cashback on any product across the mortgage range.
A new two-year 90 per cent loan-to-value Save to Buy tracker mortgage will be introduced, at a rate of 2.49 per cent, with a £999 fee, or at 2.89 per cent with no fee.
With the whole prime mortgage range now available to combine with the Flex main account cashback, the previous three-year Flexclusive tracker and four-year fixed rate products will be withdrawn.
Henry Jordan, Nationwide’s head of mortgages, said that the bank appreciates upfront costs can be an extra burden.
He said: “The removal of all standard valuation fees from all mortgage transactions will aid both existing home movers and first time buyers, who will also benefit from a £500 cashback on all mortgage products.”
Customers requesting a full structural survey will be quoted for the cost on an individual basis. A Mortgage Valuation Report is not shared with the customer unless it is requested and is predominately used to inform the society’s lending decision.
peter.walker@ft.com
