MortgagesNov 11 2015

Nationwide offers free valuations across mortgage range

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Nationwide offers free valuations across mortgage range

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the Flex main account cashback, the previous three-year Flexclusive tracker and four-year fixed rate products will be withdrawn.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.