The Skipton Building Society has cut its standard valuation fees by an average of £150.
The mutual also said that larger reductions will apply to Homebuyer’s Reports (average reduction of £230) and Buildings Surveys (average reduction of £240).
The Society’s standard valuation fee scale will now start from £156 for properties valued up to £100,000.
In addition, its free valuation and legal fees will also be extended for higher value properties and loans. Free legals will be available on remortgage loans up to £1 million (previous limit was £500,000), and free standard valuations will be offered on remortgages (and selected house purchase products when available) with a property value of up to £1.5 million (previously £500,000).
Meanwhile, the Society’s Panel Management (administration) fee will also be reduced to £26, from a minimum of £135, which compares very favourably to industry administration fees of up to £100.
Kris Brewster, Skipton’s head of products, said: “Over the past year, we have punched well above our weight, lending strongly towards our goal of helping people from all walks of life – from first time buyers to Buy to Let landlords – to achieve their homeownership aspirations.
“These reductions to our valuation fee scale are our latest move to offer even better value to all our borrowers, complementing our range of competitive products. Our revised valuation scale is now lower, on average, than those of most other lenders.
“We’re also recognising the impact that rising house prices are having on the marketplace, and the fact that, particularly in areas like the South, a significant number of properties are valued at £500,000-plus.
“We’re keen to make sure that customers looking to remortgage these properties are still able to access as good a deal as all of our other borrowers, hence the changes to our free legal and valuation fee eligibility criteria.”
