The change will automatically apply to all residential cases for properties worth up to £400,000. This removes the upfront cost that is often cited as a challenge by brokers. Assessment fees have also been cut to £99, regardless of the property’s value.
Emily Hollands, group head of distribution at Precise, said: “We’ve listened to broker feedback about the upfront cost barriers, and in response, we’ve removed the standard valuation cost for purchases and remortgages.
“The changes help brokers to support first-time buyers, homemovers and those remortgaging at the earliest stage of their mortgage journey. These additional enhancements form part of Precise’s continued commitment to improving affordability and helping more buyers access the homes they need.”
Reducing upfront costs will increase affordability and aid in speeding up the mortgage process, as it removes the potential stumbling block of costly valuations.
This move follows the news from earlier this year of the specialist residential lender launching affordability measures, including 40-year mortgage terms and the removal of minimum equity requirements on interest-only loans – which gives brokers more tools to support buyers on constrained budgets.
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Kylie-Ann Martin, director and financial adviser at KAG Financial, added: “Customers continue to face increasing living costs, with initial budgets stretching only so far. These changes across Precise’s residential range offer welcome support, especially for those trying to secure their first home. Reducing upfront costs not only makes homeownership more accessible but also helps minimise the financial shock many first-time buyers feel when navigating mortgage fees.”
