The Nationwide Building Society has removed all standard valuation fees from its mortgage range.
Customers will now be able to select any mortgage product and benefit from fee-free standard valuations, both direct from Nationwide and through intermediaries.
The UK’s largest building society said its move will see the average house purchase customer save around £200 and provide them with the option to obtain a mortgage offer with no upfront fees.
Those customers opting for a more detailed Nationwide Homebuyers Report will now pay a reduced top-up fee, depending on the overall value of the property on a sliding scale, starting from £150.
In addition, mortgage customers with a main Nationwide Flex account who apply will be eligible for a £250 cashback on any product across the mortgage range.
A new two-year 90% LTV Save to Buy tracker mortgage has been introduced, with a rate of 2.49% with a £999 fee and 2.89% with no fee. With the whole prime mortgage range now available to combine with the Flex main account cashback, the previous three-year Flexclusive tracker and four-year fixed rate products have been withdrawn.
Nationwide said its aim is to help mortgage customers by removing upfront costs associated with making a home purchase. All first time buyers can access a £500 cashback once they have completed their purchase, while remortgage customers are offered free standard legals or a £250 cashback.
Henry Jordan, Nationwide’s head of mortgages, said: “We have been looking for new ways to help customers buying a home or moving house, and we know that the upfront costs of moving can be an extra burden. The removal of all standard valuation fees from all mortgage transactions will aid both existing home movers and first time buyers, who will also benefit from a £500 cashback on all mortgage products.
“In addition, all Nationwide main current account holders will be rewarded with an additional cashback of £250, adding considerable value to the mortgage deal and further assisting customers with the costs of a home purchase.”
Customers requesting a full structural survey will be quoted for the cost on an individual basis. A Mortgage Valuation Report (MVR) is not shared with the customer unless it is requested, and is predominately used to inform the Society’s lending decision.
Existing mortgage customers continue to receive a 0.10 percentage point discount on new customer rates.