The lender said the move would provide a consistent approach across its product range and potentially save home buyers hundreds of pounds.

Previous typical HSBC valuation fees were:

• £173 for property values between £150,001 and £200,000;
• £227 for property values between £250,001 and £300,000;
• £281 for property values between £400,001 and £500,000.

HSBC UK head of retail products Tracie Pearce said the bank was working to improve the home-buying process for both remortgagors and those purchasing a home.

“Buying a house is a major financial investment, particularly for first-time buyers, so by removing valuation fees and potentially saving them hundreds of pounds we are helping them to keep initial costs down and improving their cashflow, giving them a bit more spending power when they move in,” she said.

Sponsored

Episode 2: Affordability : Powered by Partnership podcast from Newcastle for Intermediaries

Sponsored by Newcastle for Intermediaries