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Halifax to refund valuation costs for failed house purchases

  • 25/06/2012
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Halifax to refund valuation costs for failed house purchases
Halifax is to start refunding valuation costs to mortgage applicants, if their home purchase falls through for reasons beyond their control.

The Lloyds-owned lender has launched a valuation fee promise which will see it refund valuation costs to mortgage applicants if a house purchase falls through.

Halifax is the first lender to make such a guarantee and the promise will apply to customers applying both in branch and via intermediary channels.

Fees will be refunded when the mortgage applicant goes on to complete on an alternative property with Halifax. Typical valuations are priced 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.”

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