Barclays Mortgages has introduced free valuations for residential purchase cases.
The free valuation is available for residential purchase up to the value of £2m and means that homebuyers could get their mortgage approved, or receive a mortgage offer, with no upfront mortgage-related fees (if they choose a product with no product fee).
In addition, Barclays Mortgages are now using Automated Valuations for select purchase cases. This type of valuation will be subject to location and availability.
Barclays claims the move could help homebuyers save up to £930.
Tony Fullbrook, head of purchase, mortgages at Barclays, said: “We’re pleased to be able to reduce the upfront costs for customers who are buying a home or moving home, by removing the mortgage valuation fee for properties up to £2m.
“This will help both first time buyers and home movers with a saving of between £160 and £930 depending on the property value. We already carry out free valuations for remortgages so it’s great to be able to extend this to home purchases.”