Halifax mortgage deals now have a valuation refund guarentee.
Halifax mortgage valuation costs are to be refunded for failed home purchases according to the lender.
Halifax advise that it will refund any valuation costs incurred by those mortgage applicants whose home purchase falls through.
This is providing the failure to complete the purchase is beyond the applicant's control. By pulling out of the purchase themselves they would forfeit the return of their Halifax mortgage valuation fee.
There is one small catch to the refund, which is the valuation cost will only be returned when the applicant goes on and completes a new mortgage deal on another house using a Halifax mortgage product. This ensures that refunds are not given to those who find a cheaper mortgage offer elsewhere.
The valuation refund applies to all deals offered both directly with the lender and through mortgage intermediaries.
Valuation costs can vary depending on both the type of valuation and the property purchase price. Basic valuations can start any where from £370 and can go up to £700 for a complete property survey.
A spokesperson for the Halifax commented saying that it is unfortunate but sometimes a house purchase can fall through. This can be both disappointing for the would-be buyer and costly. Refunding the Halifax mortgage valuation fee for deals that fall through will help to reduce costs for buyers on their next house purchase.
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