Nationwide Building Society is removing all standard valuation fees from its mortgage range.
Customers will now be able to select any mortgage product and benefit from fee-free standard valuations, both direct from Nationwide and through intermediaries.
The move will save the average house purchase customer around £200 and allow them to obtain a mortgage offer with no upfront fees.
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.
Mortgage customers with a main Nationwide Flex account will be eligible for a £250 cashback on any product across the mortgage range.
Nationwide is also introducing a new two-year 90% LTV Save to Buy tracker mortgage. It charges 2.49% with a £999 fee and 2.89% with no fee.
Its whole prime mortgage range can now be combined with the Flex main account cashback, which means the previous three-year Flexclusive tracker and four-year fixed rate products will be withdrawn.
The aim is to help mortgage customers by removing upfront costs associated with making a home purchase.
All first time buyers can access a £500 cashback once they have completed their purchase, while remortgage customers are offered free standard legals or a £250 cashback.
Henry Jordan, Nationwide’s head of mortgages, 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.
“In addition, all Nationwide main current account holders will be rewarded with an additional cashback of £250, adding considerable value to the mortgage deal and further assisting customers with the costs of a home purchase.”
Customers requesting a full structural survey will be quoted for the cost on an individual basis.
Nationwide doesn’t share the results of a mortgage valuation report (MVR) with the customer unless it is requested.
Existing mortgage customers continue to benefit from a 0.10% discount on new customer rates.
