A host of banks and building societies are offering borrowers free property valuations when they purchase a property.
Free valuations for homebuyers used to be rare, but they are increasing in popularity. They can help buyers save money, particularly in today's market where the number of down valuation seems to be increasing.
Many borrowers specifically require a property to meet a certain price to secure a large enough loan, and if there is a down valuation they may well lose their up-front valuation fee.
Aaron Strutt, product director at Trinity Financial, says: “Some of the biggest lenders provide free property valuations to ensure borrowers can secure mortgage offers with minimal upfront costs.”
Barclays offers a free valuation on residential purchase applications when the property is valued up to £2 million and on all remortgage applications. Customers will not pay for or receive a copy of any non-disclosed valuation report.
Santander provides a free standard valuation for mortgage purposes up to a property value of £2.5 million. If you would like a detailed survey of the property, you will need to arrange this independently and pay for any associated costs.
Nationwide Building Society does not charge for the property valuation and one on its valuers will visit the property to check it is suitability for mortgage purposes. The society says the report may not reveal serious defects or structural issues and the report is valid for 90 days.
Trinity Financial has access to Tesco Bank and Coventry Building Society's mortgages, they both provide a free valuation on purchases and remortgages.
Call Trinity Financial on 020 7016 0790 to secure a free property valuation mortgage