NatWest has reduced its valuation fees and standardised how much borrowers pay depending on property value.
There are now two property value bands, compared to 24 before.
Free standard valuations will be offered to applicants where the purchase price or property value is below £2m. This will only apply to the first standard valuation.
For purchase prices or property values up to £3m, applicants will pay £177. NatWest said this was down from the previous average cost of £352 for applications where property values were up to £3m.
Properties with a value or purchase prices over £3m have a valuation fee of £1,455.
Costs include a £75 administrative fee and would have been applied to new applications from 12 June.
Home buyer and structural reports remain unaffected, with fees starting from £450.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
