Halifax to refund valuation fees in fall-throughs

Tuesday 26th June 2012

Mortgage applicants with Halifax are to get their valuation costs refunded if their home purchase falls through for reasons beyond their control.

Halifax is the first lender to give such a guarantee.

The refund will apply to customers who go via intermediaries and through branches.

The fee will be refunded when the mortgage applicant goes on to complete on an alternative property with Halifax. Typical valuations cost between £370 and £690.

Stephen Noakes, mortgage director at Halifax, said: “This is another example of Halifax challenging market norms in order to support customers through the home-buying process.

“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.”