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Accord removes valuation fee cap

  • 04/08/2017
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Accord removes valuation fee cap
Accord Mortgages will pay the full standard valuation charge for all residential borrowers choosing a product with a free standard valuation.

Previously Accord paid any standard mortgage valuation charges on behalf of borrowers for properties up to the value of £1m, up to £695 in valuation fee.

Borrowers with properties valued above this amount were required to pay the difference.

From today those with larger loan sizes will not incur any costs if they take a free standard valuation option with their mortgage.

Accord national intermediary sales manager David Robinson said: “Free should mean free, so taking on board feedback from brokers, and in the interest of treating our customers fairly we’ve made the decision to remove our standard valuation fee cap.

“House prices continue to rise, and we’ve seen the average loan size on mortgage applications increase therefore we feel it’s unfair to disadvantage those shelling out more money to buy a home.

“We hope our new one size fits all approach to valuation fees will help those looking to take out larger loans, especially homeowners in London where house prices can easily exceed £1m,” he added.

Landlords will be unaffected by the change as Accord does not have a cap on valuation fees for buy-to-let mortgages.

Yesterday Accord announced a set of interest rate cuts and launched a three-year fixed-rate product.

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