We will also be reducing the revaluation fee payable on further advance applications to £100.

A mortgage valuation (level 1) is a basic property valuation for our underwriting purposes only. We may ask a surveyor to carry out an internal inspection, remote valuation or we may use an Automated Valuation (AVM). A report will only be available if a surveyor visits the property. If a physical inspection takes place this will be based on a limited inspection and defects that could affect your customer’s decision to buy may not be identified. It should not be relied on for their buying decision. It is important the customer is aware of the different valuation types and limitations of each.

On further advances, a revaluation is required where the existing loan plus further advance is over 80% loan to value based on our indexed valuation. For remortgage applications where there is no valuation or survey, we carry out an assessment of the property at no charge to the customer.

Please see the valuation fees page on our website for further information on the different types of valuation and survey. The fee amounts quoted on the website will be updated on Monday 8 November.

The new fee will be charged on all new full applications submitted from Monday 8 November. The previous fee will apply to all applications submitted before Monday 8 November. Valuation fees are non-refundable once the property assessment has been completed.